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Network18 reports Q4 net loss of Rs 75.57 crore

PTI     April 15, 2019

Media firm Network18 Media and Investments Monday reported a consolidated net loss of Rs 75.57 crore in the fourth quarter ended March 31, 2019.

The company had reported a net loss of Rs 39.32 crore in the corresponding period a year ago.

The media and entertainment firm's revenue from operation in the quarter under review stood at Rs 1,230.93 crore. It was Rs 824.89 crore in the last quarter of fiscal 2017-18.

Expenses during the quarter were at Rs 1,310.71 crore. They were Rs 844.5 crore in the corresponding period a year ago.

In a regulatory filing, Network 18 said consequent to Viacom18 Media Pvt Ltd and IndiaCast Media Distribution Pvt Ltd becoming subsidiaries with effect from March 1, 2018, and TV18 Home Shopping Network Ltd and NW18 HSN Holdings Pic ceasing to be subsidiaries and becoming associates with effect from February 15, 2018, the figures for the current quarter and year are not comparable with those of the corresponding periods.

Network18 Chairman Adil Zainulbhai said, "As business models in the media universe evolve, we are confident that we shall be at the forefront of adopting and advancing them. Our forays into subscription and transaction models in our flagship digital properties are aimed at embracing change and accelerating growth. In a year of unprecedented change in the broadcast business, we continue to invest towards becoming an industry leader".

Stock of Network18 Media and Investments was trading 3.38 per cent lower at Rs 35.70 apiece on BSE.

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