Network18 Media posts ₹1,360.50 cr consolidated revenue from operations in Q3
Live MintNew Delhi, Jan 15 Network18 Media & Investments Ltd has reported a loss of ₹1,400 crore in the December quarter while its revenue from operations was ₹1,360.50 crore, which is not comparable with the year-ago period due to the merger of its subsidiary Viacom18 with Star India. On a standalone basis, Network18 Media & Investment's revenue from operations was at ₹476.41 crore during the quarter and its profit was at ₹3,431.94 crore, helped by exceptional gains. It had exceptional gains of ₹3,498.21 crore in the December quarter as it accounted for the business combinations relating to the merger scheme of Viacom 18 Media, Digital18 Media, and Star India and conversion of 24.61 crore compulsorily convertible preference shares held by Reliance Industries in Viacom 18 during the quarter, resulting in to Viacom 18 ceasing to be a subsidiary of Network18 Media & Investments. Its "operating revenue for the quarter was ₹476 crore, marginally higher on a year-on-year basis advertising environment continued to be soft, exerting downward pressure on growth," said Network18 Media & Investments in its earning statement.