Network18 Media & Investments on October 25 reported that its consolidated working income for the July-September quarter jumped 20 % year-on-year to Rs 1,866 crore, from Rs 1,549 crore a yr in the past.
The online loss for the fiscal second quarter widened to Rs 60.99 crore from Rs 36.49 crore reported throughout the identical interval final yr. Consolidated working EBITDA additionally swung to damaging Rs 218 crore, from optimistic Rs 32 crore within the corresponding quarter of the earlier yr.
“Our focus continues to be on providing quality content to audience and as India’s only network with presence across news, entertainment, and sports, we are in a unique position to serve customers across the country and demographic cohorts,” he added.
Network18 stated that the drop in EBITDA was because of investments in development verticals Sports activities and Digital. “Both these verticals require investments in the near term to build a strong consumer proposition which will help the Company rise to the leadership position in the cluttered media landscape. We are building a strong catalogue of entertainment content which will leverage the exponential increase in audience traffic that sports enables,” the corporate stated in an announcement.