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TV18 Q2FY16 EBITDA down 34% as new channel launch incurs losses

MUMBAI: TV18 Broadcast’s consolidated operating profit for the second quarter of the fiscal has seen a 33.68 per cent drop to Rs 37.6 crore (Rs 376 million), as against Rs 56.7 crore (Rs 567 million) in the year-ago period.

The drop in EBITDA is due to new channel launches that resulted in a hike in overall expenses.

“Colors Infinity, an English GEC channel, was launched during the current quarter, and incurred a loss of Rs 19 crore (Rs 190 million),” TV18 said.

Meanwhile, consolidated net profit of the company was down to Rs 20.27 crore (Rs 202.66 million), compared to Rs 43.22 crore (Rs 432.25 million) in the year-ago period.

Consolidated operating revenues stood at Rs 608.5 crore (Rs 6.08 billion), up 10 per cent from Rs 553.7 crore (Rs 5.54 billion) a year ago.

TV18 said that the financials of Prism TV Pvt Ltd (Prism) have been consolidated as a joint venture effective 1 August 2015 as Prism ceased to be a subsidiary and continues as a JV of the company.

TV18’s expenses surged 14.7 per cent to Rs 582.9 crore (Rs 5.83 billion), compared to Rs 507.99 crore (Rs 5.08 billion) in the year-ago period.

Programming cost jumped to Rs 191.88 crore (Rs 1.92 billion), from Rs 170.89 crore (Rs 1.71 billion), marketing distribution and promoptional expenses were up at Rs 127.03 crore (Rs 1.27 billion), from Rs 117.32 crore (Rs 1.17 billion).

Standalone business

On a standalone basis, which includes performance of CNN-IBN, IBN7, CNBC-TV18, CNBC Awaaz and CNBC Bazar, TV18 has posted a net profit of Rs 9.83 crore (Rs 98.3 million), compared to a net profit of Rs 29.28 crore (Rs 292.75 million) a year ago.

Income from operations dropped to Rs 133.49 crore (Rs 1.33 billion), from Rs 140.37 crore (Rs 1.40 billion) a year ago.

Expenses were up at Rs 127.38 crore (Rs 1.27 billion), from Rs 110.50 crore (Rs 1.10 billion) in the earlier-year period.