NDTV news biz net loss reduces as revenue up 19%

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31 Oct 2011
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Even amidst the sign of slowdown, NDTV's news business has seen an 18.99 per cent jump in the revenues in the quarter ended 30 September.

The standalone income from operations stood at Rs 810.9 million, as compared to Rs 681.5 million in the corresponding quarter of previous fiscal. It is pertinent to note that NDTV had handed over its ad sales management to Star India in the first quarter of the fiscal.

NDTV, meanwhile, has curtailed its standalone net loss to Rs 107 million for the three-month period ended 30 September, compared with a net loss of Rs 342.7 million.

In the trailing quarter, however, the company had posted a net profit of Rs 98.1 million, as it took into account a dividend income of Rs 191 million from a subsidiary, NDTV One Holdings, and other operating income of Rs 71.7 million due to another subsidiary arm.

In the quarter under review, NDTV suffered a loss from operations (before other income, interest & exceptional items) of Rs 160.7 million, compared to a loss of Rs 298.3 million a year ago.

Expenses were kept in check and stood at Rs 983.1 million (from Rs 1.01 billion).

NDTV operates news channels NDTV 24X7 (English), NDTV India (Hindi) and NDTV Profit (English business).

On a consolidated basis, NDTV posted a net loss of Rs 220 million as against Rs 676.3 million in the year-ago period.

Operating loss of the company narrowed to Rs 190 million from Rs 660 million in the corresponding quarter of the previous fiscal.

NDTV's total consolidated income jumped 32 per cent to Rs 1.14 billion, as compared to Rs 860 million a year ago. Expenses during the quarter fallen to Rs 1.33 billion, from Rs 1.52 billion.

NDTV had along with JV partner Kasturi and Sons, entered into an agreement with "Educational Trust Company Private Limited" for the sale of 100 per cent of their respective stakes in Metro Nation Chennai Television Limited for a consideration aggregating Rs150 million. Accordingly, the company disclosed that during the quarter, the Company has provided for doubtful debts and advances amounting to Rs 23 million and has written back provision for diminution in value of investment amounting to Rs 52 million, which has been shown as an "Exceptional item".

Meanwhile, as part of the continuing process of simplification of the structure of the company's international holdings, NDTV (Mauritius) Media Limited has been merged with NDTV One Holdings Limited with effect from 30 September 2011. Further on 29 July 2011, the Company acquired 90.91 per cent stake in NDTV Worldwide Limited.

Consequently, NDTV Worldwide Limited has become a 100 per cent subsidiary of NDTV. On 31 October, the Board of Directors of NDTV (Mauritius) Multimedia Limited and NDTV Worldwide Mauritius Limited, have approved the merger of NDTV Worldwide Mauritius Limited with NDTV (Mauritius) Multimedia Limited, NDTV disclosed.
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