Network18 reports Q4 net loss of Rs 45.63 crore

Media firm Network18 Media and Investments today reported a consolidated net loss of Rs 45.63 crore and total income of Rs 844.56 crore for the fourth quarter ended March 31, 2018.

The media and entertainment firm had registered a net loss of Rs 23.59 crore and total income of Rs 434.50 crore in the January-March quarter of 2016-17.

In a regulatory filing, it said that consequent to Viacom18 and IndiaCast becoming subsidiary and Homeshop18 and HSN Plc ceasing to be subsidiary during the quarter, the figures for the current quarter/year are not comparable with those of the earlier quarters/year.

On February 28, 2008, TV18 Broadcast increased its equity interest in Viacom18 Media from 50 per cent to 51 per cent by acquiring 1 per cent of the equity shares held by MTV Asia Ventures (India), Mauritius, for Rs 129.75 crore in cash and consequently obtained operational control over Viacom18.

Accordingly, the company has consolidated Viacom18 as subsidiary from March 1, 2018.

"Consequent to this acquisition, IndiaCast Media Distribution which was hitherto a joint venture of the company, was accounted as subsidiary with effect from March 1, 2018," it added.

For the entire fiscal ended March 2018, Network18 Media reported a consolidated loss of Rs 174.48 crore. It had reported a loss of Rs 270.79 crore in the previous fiscal.

Total income for the financial year under review stood at Rs 1,951.48 crore. It was at Rs 1,545.77 crore in the financial year 2016-17.

Shares of Network18 were trading at Rs 55 on BSE in afternoon trade, down 5.98 per cent from previous close.