SAB Group’s TV Vision yesterday announced the financial results for the quarter ending June 30, 2020 reporting a net loss of Rs 21.66 crores, up from the net loss of Rs 8.90 crores in the previous quarter. The financial results have taken a bad hit due to the impact of the coronavirus.
Results at a glance
- Total income at Rs 6.4 crores
- Total expenditure at Rs 28.06 crores
- Net loss at Rs 21.66 crores
TV Vision’s total income took a hit due to COVID-19 coming down to Rs 6.4 crores in Q1 FY 21, from Rs 24.52 crores in the previous quarter. The reduction in advertising revenue due to COVID-19 led to the downfall in the revenues. The company has had its lowest advertising run rate on the channel.
The expenditure in Q1 FY 21 stood at Rs 28.06 crores, down from Rs 33.43 crores in the previous quarter. The net loss rose from Rs 8.9 crores in Q4 FY 20 to Rs 21.66 crores in Q1 FY 21.
The board has on the recommendation of the Nomination & Remuneration Committee approved the re-appointment of Mr. Markand Adhikari (DIN: 00032016) (whose current term expires on 31st May, 2021) as the Managing Director of the Company for a further period of 05 (Five) consecutive years w.e.f. 1st June, 2021 upto 31st May, 2026, subject to approval of the members at the ensuing Annual General Meeting of the Company.