(1888PressRelease)
July 04, 2008 - Home shop 18 - Network18 has posted a consolidated net profit of Rs 406.79 million for the fourth quarter of FY'08, up 161 per cent year on year (YoY) from Rs 155.8 million.
During the period, the company’s revenue grew 90 per cent YoY to stand at Rs 2.32 billion. Revenue of IBN18 (erstwhile Global Broadcast News) was Rs 435.5 million while HomeShop18 fetched Rs 13.53 million (revenue).
All Network18's smaller businesses, with Rs 500 million as revenue base, have an average growth of 100 per cent. Businesses, which are more than Rs 1 billion, have grown between 50 and 100 per cent.
Network 18 MD Raghav Bahl said, “We are really happy to share this quarter’s financial performance of the Group. Both listed subsidiaries of Network18 have posted robust growth in revenues and profits. All news channels are maintaining their dominant positions in their respective markets. Web18 is showing a phenomenal traction and a couple of very strong portals are set for launch there.
"The HomeShop business has taken off. The Indian Film Company’s film operations have catapulted it to a leadership position in India’s film industry. We are now excited about our 3-pronged entry into business news publishing. Finally, we are working closely with the Infomedia management to take the company to the next stage of digital growth.”
For the full fiscal, Network18 has posted a consolidated profit of Rs 520 million while the group's revenues stood at Rs 6.57 billion.
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