Network18′s publishing subsidiary Infomedia 18 has registered a loss of Rs 18.95 crores for the fourth quarter ending March 31, 2012, an 11.47% decrease in loss from Rs 21.47 crore loss in the previous quarter. During the entire fiscal year, the company incurred a total loss of Rs 64.91 crore. The total quarterly revenues from operations stood at Rs 38.73 crores, an 8.4% dip from Rs 42.29 crores reported in the previous quarter. The total revenues from operations for the entire fiscal year stood at Rs 135.46 crores. Infomedia18 currently publishes business directories and magazines such as Forbes India, Overdrive, Chip, T3 and Better Interiors.
The printing business reported revenues of Rs 6.6 crores and loss of 0.12 crores in comparison to last quarter’s figures of Rs 5.65 crore and loss of 20.42 lakh, the company’s publishing business saw revenues of Rs 35.37 crores and loss of Rs 17.13 crores in comparison to last quarter’s figures of Rs 39.58 crores and loss of Rs 19.71 crore.
The financial report also states that the company’s Business Directories business, New Media business (Burrp and Askme.in) and Publishing business are currently in the process of being demerged into Network18. 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.
The report also mentions that the company management is currently evaluating various options for its printing business including selling, which it has been saying since the last fiscal year. In May 2010, it had sold off its entire stake in its four subsidiaries carrying on the Publishing BPO business to Knowledgeworks Global Private ltd and had reported a net gain of Rs. 106 lakhs as an exceptional item in its results for the quarter ended 30th June 2010. On the subsequent liabilities settlement as per Share Purchase Agreement,the same gain was converted into a net loss on the sale of subsidiaries, amounting to Rs 123.79 lakhs and had been disclosed as an Exceptional item in the results for the year ended March 31, 2011.
Expenses for Infomedia18 decreased by 8% to Rs 39.24 crore from Rs 42.66 crore in the previous quarter. Employee costs also decreased by 20.8% to Rs 19.53 crore. Raw material costs were at Rs 6.37 crore.