Network18 Media Investments Q1 net loss at Rs 50 cr

Network18 Media & Investments on Wednesday reported a consolidated net loss of Rs 49.70 crore for the first quarter ended June 30.

The company had reported a net profit of Rs 42.84 crore during April-June quarter of 2015-16 financial year, Network18 Media said in a BSE filing.

Its total consolidated income stood at Rs 351.89 crore during the quarter under review. It was Rs 411.08 crore in the corresponding quarter in FY15.

Total expenses of the company during the quarter was Rs 440.65 crore while it was Rs 474.49 crore in the same quarter in FY15.

The company said results are not comparable as it had sold its subsidiary Stargaze Entertainment last financial year and it was included in the income.

“During the quarter ended June 30, 2015, entire stake in Stargaze Entertainment, a subsidiary of the company was sold and profit of Rs 43.29 crore on such sale included in other income. Accordingly, figures of the current period are not comparable with previous quarter,” it said.

Network18 Media & Investments shares were trading 8.45 per cent down at Rs 43.35 on BSE during the pre-close session.