New Delhi: Network18 Media and Investments Ltd Tuesday reported widening of its consolidated net loss to Rs 127.66 crore in the first quarter ended June 30. The company had reported a net loss of Rs 112.29 crore in the April-June 2018 quarter, Network18 Media and Investments said in a BSE filing. However, revenue from operations rose 10.75 per cent to Rs 1,245.12 crore as against Rs 1,124.24 crore in the corresponding period of the previous financial year.
"(First quarter) revenues grew 11 per cent year-on-year amidst a weak advertising environment, led by election advertising and strong growth in subscription income post implementation of new tariff order (NTO)," said Network18 Media in a statement. Its total expenses stood at Rs 1,307.87 crore, up 10.75 per cent as compared with Rs 1,180.82 crore in the year-ago quarter.
Network18 Chairman Adil Zainulbhai said: "Amidst a challenging advertising environment and the implementation of a new tariff regime, we have continued to focus on creating great content for all media." Moreover, Television Home Shopping Network (Homeshop) also ceased to be an associate of the company from June 6. "Exceptional items for the quarter ended 30" June, 2019 represents impairment of investments in Homeshop and provision for trade receivables from Homeshop and its wholly-owned subsidiary Shop CJ Network Private Limited," it added.
Shares of Network18 Media and Investments Ltd were trading at Rs 25.90 on the BSE afternoon, up 2.78 per cent from the previous close.