MUMBAI: IBN Lokmat, the joint venture company that runs the Marathi news channel, is still bleeding as its revenue stays flat even after completing three years of operations.

The company has posted a net loss of Rs 40 million for the first quarter of the fiscal, similar to what it had registered in the corresponding quarter of the previous fiscal. In the trailing quarter, however, IBN Lokmat had reported a net loss of Rs 60 million.

The main problem area for IBN Lokmat is that in a market which has two strong players - Zee 24 Taas and Star Majha- the channel's revenue seems to have hit a ceiling while it has failed to curb expenses.

Revenue for the quarter ended 30 June stood at Rs 40 million, same as the year-ago period. In the trailing quarter, revenue was Rs 30 million.

IBN Lokmat’s quarter expenses stood at Rs 70 million, up from Rs 60 million the company incurred in the corresponding quarter of the previous fiscal. In the trailing quarter, expenses were at Rs 80 mllion.

The channel's Ebitda loss remained at Rs 30 million, same as the year-ago period, but less than the trailing quarter (Rs 60 million).

IBN Lokmat was launched in March 2008 as a joint venture between Network18 Group and Lokmat.