My Blog

My WordPress Blog

Business

Network18 Q2 YoY operating revenue jumps 20% to Rs 1,866 crore

Network18 Media & Investments on October 25 reported that its consolidated operating revenue for the July-September quarter jumped 20 percent year-on-year to Rs 1,866 crore, from Rs 1,549 crore a year ago.

The net loss for the fiscal second quarter widened to Rs 60.99 crore from Rs 36.49 crore reported during the same period last year. Consolidated operating EBITDA also swung to negative Rs 218 crore, from positive Rs 32 crore in the corresponding quarter of the previous year.

“With India cricket rights, Viacom18 now has the biggest portfolio of sports properties, making it the default choice for sports fans. The digital transformation initiatives that we had commenced for our news business last year are gathering momentum and will help us to stay ahead of the curve as we go ahead,” said Adil Zainulbhai, Chairman of Network18.

“Our focus continues to be on providing quality content to audience and as India’s only network with presence across news, entertainment, and sports, we are in a unique position to serve customers across the country and demographic cohorts,” he added.

Network18 said that the drop in EBITDA was due to investments in growth verticals Sports and Digital. “Both these verticals require investments in the near term to build a strong consumer proposition which will help the Company rise to the leadership position in the cluttered media landscape. We are building a strong catalogue of entertainment content which will leverage the exponential increase in audience traffic that sports enables,” the company said in a statement.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *