TV18 Broadcast posts net loss of Rs 23.45 cr
TV18 Broadcast Ltd (formerly ibn18 Broadcast) has posted a consolidated net loss of Rs 23.45 crore for the quarter ended June 30, 2012.
In the corresponding period last year, the company reported a consolidated net profit of Rs 21.12 crore, TV18 Broadcast said in a filing to the BSE.
Total income from operations stood at Rs 346.89 crore in the quarter under review, up 31.5 per cent from Rs 263.79 crore in the April-June 2011 quarter.
The company's revenues from media operations stood at Rs 329.96 crore, while those from film production and distribution were at Rs 16.92 crore in the April-June 2012 period.
The consolidated results include financials of Viacom18 Media (a JV between the company and Viacom), IBN Lokmat News, ibn18 (Mauritius) Ltd and RVT Media.
"Even though the broader macroeconomic environment remains challenging and uncertain, the Indian broadcasting industry is enthused by the enormous opportunity that digitisation presents. At TV18, we are confident that with our distribution venture - IndiaCast, we are well poised to claim our rightful share of the opportunity," Network18 Managing Director Raghav Bahl said.
IndiaCast bouquet comprises of 49 channels across news, entertainment and regional genres.
After the proposed strategic stake acquisition in ETV and the proposed twin rights issues (subject to regulatory approvals), a strong television footprint will propel the company to the next phase of growth, he added.
The Board of Directors, in January this year, had approved a rights issue for Rs 2700 crore for acquisition of ETV channels, repayment of certain loans and general corporate purposes.
"The company has filed Draft Letter of Offer dated March 1, 2012 with SEBI and necessary approval from SEBI awaited," the filing said.
The company's advertising revenues in the quarter stood at Rs 229 crore, while that from subscription stood at Rs 53.2 crore.
"We are focussed on maintaining strong operational performance, inspite of uncertain headwinds on the advertising front in the medium term," Group CEO Sai Kumar said.