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Network18’s web operations reported a 9.4% decline in revenues

Reliance Industries-owned Network18 has reported operational revenue of Rs 372.81 crore for the quarter ended December 31 (Q3 FY17), down 7.1% from Rs 401.23 crore in the same quarter last year. Sequentially, operational revenues were down 1.5% from Rs 378.66 crore.

Net loss stood at Rs 60.34 crore for the quarter compared to a net profit of Rs 46.24 crore in the same quarter last year. In the preceding quarter, Network18 reported a net loss of Rs 100.41 crore.

Web operations

On a standalone basis, Network18’s web business reported revenues of Rs 13.1 crore. This was a decline of 9.4% from Rs 14.46 crore in the same quarter last year, but an increase of 19.6% from Rs 10.95 crore in the preceding quarter. Web operations accounted for 2.9% of Network18’s total revenues.

The segment reported a loss before tax of Rs 7.45 crore compared to the loss of Rs 4.2 crore in the same period last year. In the preceding quarter, the segment reported a loss of Rs 3.53 crore.

Publishing business:

Network18’s publishing business generated Rs 4.03 crore revenues, up 18% from Rs 3.41 crore in the same quarter last year. The company had reported publishing business revenues of Rs 5.23 crore in the preceding quarter. Publishing operations accounted for 1% of Network18’s total revenues.

The publishing business includes consumer magazines like Overdrive, Better Photography, Better Interiors etc.

Other highlights

– Bookmyshow added 300 screens during the quarter, with average page views at 2.15 billion per month. The company acquired booking portal MastiTickets last month.

– Average monthly desktop and mobile unique visitors grew 30% year on year on Firstpost. The news website also launched a Hindi edition this year.

– The Hindi news channel IBN7 was re-branded and re-launched as “News18 India” during the

quarter for a one-time expense of Rs 3.3 crores.

Download: Press release | Financials

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