Network18 Media posts net profit of Rs 60 cr in Q4

Media firm Network18 Media & Investments Ltd on Thursday reported a consolidated net profit of Rs 60.19 crore for the fourth quarter ended March 2020.

The company had posted a net loss of Rs 75.57 crore for the January-March period of the previous fiscal, Network18 Media said in a regulatory filing.

Consolidated revenue from operations rose 18.97 per cent to Rs 1,464.51 crore for the quarter under consideration, as against Rs 1,230.93 crore in the corresponding period a year ago.

Total expenses rose 1.73 per cent to Rs 1,333.43 crore, from Rs 1,310.71 crore earlier.

Network18 Chairman Adil Zainulbhai said: "The COVID-19 pandemic is a major black swan event, which has dragged the economy and the advertising environment as a result. The immediate impact on ad-driven media industry will be significant; however an increasing proportion of subscription revenues will help us pull through. Amid uncertain times, the strength of our brands and our class-leading content creation capabilities continues to shine through."
The board of the company had on February 17, 2020 approved the scheme of amalgamation and arrangement between the company, Den Networks, Hathway, TV18 Broadcast, Media18 Distribution, Web 18 and Digital18 Media, subject to necessary approvals