Network18’s publishing subsidiary Infomedia 18 has reduced its losses to Rs 7.6 crore for the quarter ending 31st December 2010 by 40.6% year on year Rs 12.8 crore; however compared to the previous quarter, losses increased by 2.70%. Total revenues for the company dipped by 36.6% quarter on quarter to Rs 29.3 crore from Rs 46.2 crore. This is still an increase of 27% when compared to the same quarter last year. The company publishes business directories and magazines such as Forbes India, OverdriveChipT3 and Better Interiors. As we reported earlier, the Business directories business, the new media venture Burrp and Askme.in, and the publishing business of the company will be demerged into Network18 after its restructuring takes place, effective April 1st 2011.

To Sell Printing Press Business

According to the financial release, the company is planning to sell off its printing press business. Previously, it sold off its entire stake in its four subsidiaries carrying on the Publishing BPO business, to Knowledgeworks Global Private ltd on May 4th 2010, and has reported a net gain of Rs. 74.47 lakhs for the nine months ended December 31st 2010.

Expenses for Infomedia18 fell 33.5% quarter on quarter to Rs. 36.4 crore from Rs 54.7 crore, but increased by 14% if compared to last year’s Q3 expense. Employee costs increased about 59% year on year to Rs 12.7 crore.  Raw material costs were at Rs. 6.27 crore.

Download: Financials

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