TV18 Broadcast turns profitable in Q3, shares rise 7%
TV18 Broadcast rose as much as 7 percent in early trade on Monday after the company reported a consolidated net profit of Rs. 21.3 crore in the third quarter of FY13, helped by strong growth in broadcasting and distribution revenues.
January 21, 2013 / 12:30 IST
TV18 Broadcast rose as much as 7 percent in early trade on Monday after the company reported a consolidated net profit of Rs. 21.3 crore in the third quarter of FY13, helped by strong growth in broadcasting and distribution revenues.
Revenues increased 72 percent year-on-year and 59 percent quarter-on-quarter to Rs 512.4 crore in October-December quarter. The company had been reporting net losses at the consolidated level for five successive quarters till September 2012.Advertising, the biggest contributor to broadcasting revenues grew 10 percent over last year to Rs 312 crore, a 27 percent gain sequentially. Subscription revenues vaulted to Rs 29 crore from Rs 3 crore during the September quarter, and distribution revenues surged 52 percent sequentially to Rs 144 crore. The company recently raised Rs 2700 crore through a rights issue to fund its acquisition of Eenadu group-promoted ETV.Shares jumped 4 percent to Rs 36.85 at 10:33 hours IST on Bombay Stock Exchange.Disclaimer: moneycontrol.com and TV18 are both part of Network18 Media and Investments.Also Read
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