Network18′s publishing subsidiary ,Infomedia 18 , has witnessed a 29.09% increase in its losses from Rs 10.69 crore that it reported in the last quarter, to Rs 13.80 crore in the quarter ending 30th September 2011. Total revenues from operations shot up by 32.34 % to Rs 31.22 crore from Rs 23.59 crore that it reported during the last quarter. The company publishes business directories and magazines such as Forbes India, Overdrive, Chip, T3 and Better Interiors.
While the printing business reported revenues of Rs 12.35 crore and profits of Rs 77 lakh in contrast with last quarter’s figures of Rs 10.20 crore and 57 lakh, the company’s publishing business saw revenues of Rs 22.69 crore and a loss of Rs 13.48 crore.
The company is still awaiting an approval from The Delhi High Court regarding the demerger of its business directories business, new media ventures and publishing business into Network 18. However, the company’s Business Directories business, New Media business and Publishing business have been considered as ‘Discontinuing Operations’ and the Printing business has been considered as ‘Continuing Operations’, for this quarter’s results.
Expenses for Infomedia18 decreased 18.90% year on year to Rs. 44.39 crore from Rs 54.74 crore. Employee costs decreased about 8.70% year on year to Rs 16.25 crore. Raw material costs were at Rs. 3.63 crore in contrast with last year’s figures of Rs 11.35 crore .