Losses at Reliance Industries Limited-owned Network18 narrowed as the company reported a net loss of of Rs 2.14 crore for the quarter ended December 30,2015. The company had reported a net loss Rs 27.43 crore in the preceding quarter. In the same quarter last year, the company reported losses of Rs 12.14 crore.

Operating revenue on a consolidated basis stood at Rs 905.60 crore in Q3 FY16, up 8.86% YoY from Rs 830.91 crore in Q3 FY15. In the preceding quarter, operating revenues stood at Rs 801.15 crore.

Web operations

On a standalone basis, Network18’s web business reported revenues of Rs 14.46 crore. This was a decline of 4.49% from Rs 15.13 crore in the same quarter last year, but increased 9.96% from Rs 13.15 crore in the preceding quarter.

The segment reported a loss of Rs 4.20 crore compared to the loss of Rs 11.68 lakhs in the same period last year. In the preceding quarter, the segment reported a loss Rs 3.36 crore.

Media and film distribution operations

Network18’s media operations generated Rs 895.03 crore revenues, up 7.85% from Rs 829.82 crore in the same quarter last year. The company had reported media operations revenues of Rs 758.51 crore in the preceding quarter. Media operations accounted for 98.83% of Network18’s total revenues, as opposed to 94.67% in the previous quarter. Film production and distribution business generated Rs 10.57 crore, as opposed to Rs 11.99 crore in the same quarter last year and Rs 42.62 crore in the previous quarter.

Operational highlights

– In October, the company got shareholder approval to raise Rs 1,000 crore. Network18 said that it would raise the funds via issuance of non-convertible debentures (NCDs), foreign currency convertible bonds and/or bond with share warrants in one or more tranches.

– Network18 attracted over 23 million unique visitors per month in Q3 FY16. had 238 million average monthly page views and over 4.2 million average unique visitors per month. IBNLive registered close to 3.5 million average unique visitors per month, while Firstpost got close to 7 million average unique visitors per month and over 35 million average monthly page views.

– Bookmyshow had over 69 million visits on average per month in Q3 FY16. The average page views grew to 2 billion per month for the quarter. The average page views grew to 1.9 billion per month in the quarter. The BookMyShow wallet activations crossed 2 million users in this quarter.

– The customer base of Homeshop18 crossed 16.8 million in Q3FY16.

Download: Press release and financials