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Radio City Q1 net loss at Rs 2.23 cr

MUMBAI: Jagran Prakashan Ltd’s (JPL) wholly owned subsidiary Music Broadcast Pvt Ltd, which operates private FM radio brand Radio City, has posted a net loss of Rs 2.23 crore (Rs 22.3 million) for the first quarter of the financial year 2015–16.

However, the bottom line has been negatively impacted by a one-time payout (exceptional item) of Rs 13.58 crore (Rs 135.8 million) as incentives to the Radio City management team in respect of their past services and in terms of agreement with the erstwhile promoters, JPL said.

The result has been published by JPL, which completed the acquisition of Radio City during the quarter.

In the year-ago period, the company had posted a net profit of Rs 6.51 crore (Rs 51.1 million).

The company also clarified that there is nil tax due to unabsorbed depreciation of previous years.

Operating revenue for the quarter saw a 10.27 per cent jump to Rs 47.38 crore (Rs 473.8 million), compared to Rs 42.97 crore (Rs 429.7 million) in the corresponding quarter of the previous fiscal.

Expenses, however, remained flat at Rs 32.86 per cent (Rs 328.6 million) vis-a-vis Rs 32.61 crore (Rs 326.1 million) in the year-ago period.

Operating profit (EBITDA) was up 40.2 per cent to Rs 14.52 crore (Rs 145.2 million), from Rs 10.36 crore (Rs 103.6 million) a year ago.

Radio City has a national footprint with operations across 20 cities including Mumbai, Delhi, Bengaluru and Lucknow, reaching out to around 10.8 million listeners across the country, constituting 65 per cent of SEC AB population.

Radio City has a strategic alliance with Suno Lemon in Gwalior and Friends FM in Kolkata. It also operates an all-inclusive music portal with 20+ dedicated stations with combined listenership of 9 million.