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BAG Films’ Q3 net loss narrows to Rs 12.2 mn; TV biz turns operationally profitable

MUMBAI:  BAG Films & Media’s television broadcasting segment has turned around in the fiscal third-quarter on back of higher revenues.

The company, which  operates Hindi news channel News 24 and Bollywood news channel E24, posted third-quarter profit of Rs 8.56 crore ( Rs 85.6 million) compared to a segment loss of Rs 1.51 crore ( Rs 15.1 million) a year ago.

Revenue from the TV business stood at Rs 23.60 crore ( Rs 236.03 million), up from Rs 18.28 crore ( Rs 182.77 million) a year earlier.

BAG Films’ FM radio business, operating under the Radio Dhamaal brand, reported a narrower loss of Rs 88.34 lakh ( Rs 8.83 million), from the Rs 1.14 crore ( Rs 11.4 million) it reported a year earlier. However, radio revenues dropped to Rs 88.57 lakh ( Rs 8.86 million) compared to Rs 1.13 crore ( Rs 11.34 million) a year ago.

The diversified media company, which has interests spanning news broadcasting, TV production and FM Radio, reported a consolidated net loss of Rs 1.22 crore ( Rs 12.2 million) for the three months through 31 December 2013. In the year-ago period, net loss stood at Rs 7.79 crore ( Rs 77.9 million).

The reduction in net loss can be attributed to a healthy increase in revenue. The company reported a total income of Rs 39.26 crore ( Rs 392.59 million), compared to Rs 25.95 crore ( Rs 259.5 million) in the earlier-year. Expenses came down marginally (2%) to Rs 36.16 crore ( Rs 361.62 million).

From the audio visual production business, the company’s profit stood at Rs 3.28 crore ( Rs 32.8 million) in the quarter under review, as against a loss of Rs 54.6 lakh ( Rs 5.46 million) in the year-ago period. Revenue from the segment stood at Rs 14.63 crore ( Rs 146.35 million), up from  Rs 6.33 crore ( Rs 63.3 million) captured in the earlier year.

BAG Films’ leasing segment posted loss of Rs 1.14 crore ( Rs 11.38 million), compared to loss of Rs 1.15 crore ( Rs 11.47 million) in the year-ago period. Revenue from the segment was at Rs 13.57 lakh ( Rs 1.36 million), down from Rs 73.33 lakh ( Rs 7.33 million) a year ago.