Network18 Media and Investments' net loss halves amid COVID-19

AgenciesUpdated: Wednesday, July 22, 2020, 09:23 PM IST
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Network18 Media and Investments on Wednesday said its consolidated net loss more than halved to Rs 60.60 crore in the first quarter ended June 30, helped by lower expenses.

The company had reported a net loss of Rs 127.66 crore in the April-June 2019 quarter. However, the firm's revenue from operations declined 35.18 per cent to Rs 807.07 crore as against Rs 1,245.12 crore in the corresponding period of the previous financial year, Network18 Media and Investments said in a BSE filing.

Its total expenses in April-June 2020 stood at Rs 871.65 crore, down 33.35 per cent as compared with Rs 1,307.87 crore in the year-ago period.

In a separate release, Network18 said it has partnered with Amazon Alexa, where its users will get access to live news from Network18's top channels, including CNN-News18 and News18 India, along with their regional TV channels.

Shares of Network18 Media and Investments were trading at Rs 46.90 on the BSE, down 1.68 per cent from the previous close.

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