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TV18 Broadcast posts Rs 6 crore profit in Q1

The company had a consolidated net loss of Rs 28.52 crore in the same period of previous fiscal

Press Trust of India  |  New Delhi 

TV18 Broadcast Ltd has posted a consolidated net profit of Rs 5.9 crore for the first quarter ended June 30, 2013.

The company had a consolidated net loss of Rs 28.52 crore in the same period of previous fiscal, TV18 Broadcast said in a filing to the BSE.

Consolidated income of the company from its operation stood at Rs 393.93 crore in the April-June quarter, compared to Rs 339.79 crore during the same period of previous fiscal.

Company's consolidated revenue from its media operations was Rs 383.39 crore this quarter as against Rs 329.96 crore of the same period of last fiscal.

TV18 Broadcast consolidated revenue from film production and distribution also increased to Rs 18.79 crore this quarter. It was Rs 16.92 crore in first quarter of the last year.

According to the company, its advertising revenue grew 6% in the quarter to Rs 227.5 crore as against Rs 215.6 of the same fiscal last year.

"The macroeconomic environment continues to be challenging and growth prospects remain uncertain. Given this backdrop, our broadcasting operations turned in a steady performance aided by the roll out of digitisation in 42 cities," Network18 Managing Director Raghav Bahl said.

He further added, "However, there were pockets of weakness and we are committed to improving segments that are not meeting expectations."

TV18 Broadcast Group CEO B Saikumar said the company's motion pictures have seen losses this quarter and the management is confident of stemming them in the immediate term.

"While our news and infotainment businesses have seen distinct softness in advertising, our entertainment businesses led by Colors have performed well on this front. Net Distribution Revenues from IndiaCast are on a strong growth trajectory and we continue to be enthused by its growth potential," Saikumar added.

The company's shares were trading at Rs 19.10 apiece on the BSE during the afternoon trade, down 3.78% from their previous close.

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First Published: Mon, July 29 2013. 13:51 IST