Reliance Broadcast Network Ltd (RBNL) today said it has narrowed its consolidated net loss to Rs 28.70 crore for the quarter ended June 30,2012.
The company had registered a consolidated net loss of Rs 29.13 crore in the same period last year,RBNL said in a statement.
Its total income from operations dipped to Rs 52.66 crore in the quarter under review from Rs 74.53 crore in the April-June 2011 quarter.
The company said it has achieved steady progress in the TV business,with a 56 per cent reduction in Q1 operating loss to Rs 11.3 crore,led by an almost 70 per cent reduction in carriage costs.
“Barring unforeseen circumstances,the company expects to exit the current financial year with the TV business achieving break-even at an operating level,” RBNL said.
Finance costs include an amount of Rs 4.7 crore relating to the previous year. Excluding the same,the net loss for the quarter has reduced by 18 per cent to Rs 24 crore,it said.
“RBNL had a satisfactory quarter in the given environment,backed by product innovation and optimal cost management. Our key businesses of radio and television stand to benefit significantly from imminent industry reforms of Phase III and digitization respectively,” RBNL CEO Tarun Katial said.
RBNL operates 92.7 Big FM (one of the country’s largest FM network with 45 stations),Big CBS Networks (a joint venture with CBS Studios International),Big Productions (TV content production division) and Big Street (its Out of Home advertising arm).
Revenues from radio operations stood at Rs 39.63 crore,while that from outdoor and experimental marketing stood at Rs 5.78 crore and 0.69 crore,respectively.
Production and television segment revenues stood at Rs 5.27 crore and Rs 6.63 crore,respectively.