IBN18 Q2 standalone net loss at Rs 598.7 mn

MUMBAI: IBN18 Broadcast Ltd widened its standalone net loss to Rs 598.66 million for the quarter ending September. The company had posted a net loss of Rs 175.76 million in the year-ago period.

The standalone results constitute the financials of CNN IBN and IBN7.

For the quarter under review, total income fell 12 per cent to Rs 408.46 million, as against Rs 464.48 million a year ago. Expenses were at Rs 574.56 million, up marginally by 2.13 per cent.

The company incurred exceptional expenses of Rs 296.74 million, as option premium paid by IBN18 through its wholly owned subsidiary which had been written off as impairment.

Operating loss widened to Rs 166.10 million in the quarter, as compared to Rs 98.09 million in the prior-year period.

IBN18’s consolidated net loss stood at Rs 823.68 million. Total income was at Rs 1.37 billion, while expenditure stood at Rs 1.73 billion for the quarter.