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Web18 Posts Rs 1 Cr Operating Profit For FY11

Web18*, the Internet and mobile business from the Network18 group, has reported an operating profit for the full year for the first time in recent memory - the company reported Rs 1 crore in operating profit, compared to an operating loss of Rs 9.27 crore the previous fiscal. Operating revenue for the full year was up around 16.73% to Rs 85 crore, compared to Rs 72.82 crore last fiscal, and operating expenses were up marginally to Rs 84 crore, from Rs 82.09 crore. The company has not reported any post tax figures, but the last fiscal, it had reported a net loss of Rs 26.69 crore, after deferred tax. Quarterly Results: Budget Impact Coming off what is typically the best quarter for the company (the fourth quarter of the fiscal year), primarily because of the Union Budget announcement, which boosts revenues for MoneyControl.com, Web18 reported operating revenues of Rs 25 crore, up 8.7% year on year. Operating profit for quarter for the company rose to Rs 3 crore from Rs 2 crore last fiscal. The company, in a statement, says that Moneycontrol.com had its best month ever in February 2011 with over 17.9 million total visits for the month as per Comscore. Not surprising, since the announcement of the Union Budget for the 2011-12 fiscal year (FY12) took place on the February 28th 2011. This fiscal, Web18 has not reported any net results, and has rounded off figures, which leads to the bizarre situation that if you add up the…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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