TV18 Broadcast Q3 consolidated net at Rs 21 cr

Raghav Bahl-promoted TV18 Broadcast Ltd has returned to profitability. The company, which houses the entertainment, infotainment, news channels and the motion pictures business, has reported a consolidated net profit of Rs 21.3 crore in the quarter ended December 31, 2012. In the corresponding quarter of the previous fiscal, the company had posted a net loss of Rs 53.5 crore.

Consolidated revenues for the quarter stood at Rs 512.4 crores for the quarter, compared to Rs 296.6 crore in the year ago period. Operating profit (EBITDA) for the quarter is at Rs 48.1 crores, compared to loss of Rs 33.9 crore. The company said that its continuing broadcasting and motion pictures operations turned in a strong performance with a profit of Rs 58.1 crores during the quarter excluding one-time expenses/revenues and losses towards new launches and discontinued operations. The net distribution income turned positive while advertising revenues grew 10% y-o-y.

Raghav Bahl, managing director, Network18 said, “TV18 has returned to profitability this quarter. Our net distribution income has finally broken into positive territory and our recast balance sheet has helped us rationalise our interest payouts. We are now entering an exciting phase in our journey as we strengthen our existing operations and consolidate our regional acquisition.”

B Saikumar, Group CEO, said, “We are extremely pleased that all our broadcast operations grew their margins despite softness in the advertising environment. IndiaCast has hit a positive trajectory and stays with its focus of correcting the group's distribution revenues upwards and adding more brands and partners to its stable.

TV18 has raised Rs 2,700 crore through a rights issue to fund its acquisition of the Eenadu group-promoted ETV.

Source: http://cablequest.org/news/national-news/item/811-tv18-broadcast-q3-consolidated-net-at-rs-21-cr.html
Source: http://cablequest.org/news/national-news/item/811-tv18-broadcast-q3-consolidated-net-at-rs-21-cr.html