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Network18 reports Rs 321.23 crores in revenues; GST hit

Network18 reported a decline in operational revenue to Rs 321.23 crore for the quarter ended June 2017 (Q1 FY18), from Rs 351.18 crore last year. Consolidated net loss attributable to the company (excluding non-controlling interest) for the quarter stood at Rs 52.94 crore compared to Rs 50.52 crore in the same quarter last year. "While April-May witnessed robust revenue growth," the company said, "June was substantially impacted by postponement in advertising spends; especially in mass-oriented genres." HomeShop18 Network18 said that growth of its broadcasting segment was partially offset by continued weakness in its TV shopping business, even though losses in the TV shopping business lowered. HomeShop18, the TV shopping business, continued to face challenges due to decline cash-on-delivery payments post demonetization, and "stiff competition from ecommerce". The GST rollout, the company said, is positive for HomeShop18, since it will eliminate the issue of state entry taxes. "Management is keeping a tight leash on costs, and taking steps to revive the business." Web operations On a standalone basis, Network18’s web business reported revenues of Rs 11.84 crores, down from Rs 16.05 crore last quarter, and from Rs 12.43 crores in the same quarter last year. The segment reported a loss before tax of Rs 9.44 crores, up from Rs 8.06 crore last quarter, and Rs 9.09 crore in the same period last year. Moneycontrol.com The company said that Moneycontrol got 19 million mobile monthly users, which is around 2.7 times the 7 million reported for Q4 last year. The company claimed that…

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

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