Network 18 Media Q4 cons net loss widens to Rs 33.32 cr

19/04/2017 15:14

Mumbai-based Network 18 Media & Investments on Wednesday saw business taking a dip in January-March quarter as its consolidated net loss widened to Rs 33.32 crore due to tepid ad-industry environment which dragged revenues, especially in regional markets.

“The company had posted consolidated net loss of Rs 24.99 crore in the corresponding quarter of previous fiscal, said Network 18 Media & Investments in a filing to Bombay Stock Exchange.

The total revenue from operation fell marginally by 4.41 per cent to Rs 434.50 crore in Q4 FY17 from Rs 454.59 crore in Q4 FY16.

For FY 2016-17, the company has posted consolidated net profit of Rs 233.44 crore as against total revenue of Rs 1,545.76 crore.

Commenting on Q4 earnings, Adil Zainulbhai, Chairman, stated: “The digital space in India continues to become more and more vibrant, as bottlenecks around connectivity and cost reduce substantially. We see the emergence of new formats and services, and rapidly-evolving business models; and aim to be at the forefront of this change. Our strength in linear media provides us the edge, helping us leapfrog in our aspiration to be a channel-agnostic provider of top-drawer content”.

Weighed down by Q4 numbers, shares of company were trading at Rs 40.05 apiece, down 0.62 per cent, from previous close on the BSE at 15:25 hours.

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