MUMBAI: Dr Prannoy Roy-promoted NDTV Ltd’s television news channel business has posted a net profit of Rs 29.8 million for the quarter ended 31 December. This is against a standalone net loss of Rs 16.5 million the company had posted during the year-ago period.
The turnaoround into net profit is, however, without taking into account the merger of different subsidiaries into the company effective 1 April.
With the merged subsidiaries, the company has suffered a net loss of Rs 170.8 million.
NDTV said that in accordance with the scheme, it has given effect to the relevant accounting entries and the financial reorganisation and adjusted the debit balance of profit and loss account amounting to Rs 761.7 million against specified reserves.
“Accordingly, the standalone results for the quarter include the results of operations of the transferor companies and hence are not comparable with the corresponding previous period,” the company said.
NDTV, which operates news channels NDTV 24X7 (English), NDTV India (Hindi) and NDTV Profit (English business), saw a marginal increase in the income from operations (6.61 per cent) to Rs 964.8 million as against Rs 905 million a year ago.
Expenses stayed flat at 902.7 million (from Rs 903.7 million year ago).
The company posted a profit from operations (before other income, interest & exceptional items) of Rs 111.9 million, as against profit of Rs 28.1 million during the year ago period.
On a consolidated basis, NDTV has posted a net loss of Rs 148.4 million, as against a profit of Rs 741.1 million in the year-ago period.
However, it clarified that the consolidated results for the quarter ended 31 December 2009 include the results of operations of Turner General Entertainment Networks India (formerly NDTV Imagine) and its subsidiaries in which NDTV had diluted its holding to a minority stake on 23 February 2010. The consolidated result for the quarter, thus, is not comparable with the corresponding previous period.
Operating loss of the company narrowed to Rs 72.8 million from Rs 525.7 million in the corresponding quarter of the previous fiscal. (NDTV had gained Rs 1.28 billion on the buyback amount which got reflected in the other income).
Income from operations stood at Rs 1.14 billion, down from Rs 1.67 billion a year ago. Expenses during the quarter were Rs 1.22 billion, down from Rs 2.22 billion.
