Network18 FY’09 net loss at Rs 1.8 billion

MUMBAI: Network18 Media and Investments Ltd, which has gone on an expansion overdrive, has felt the slowdown effect and posted a net loss of Rs 1.8 billion for the year ended March 31 2009. In FY’08, the company had clocked a net profit of Rs 45.2 million.

Revenue rose 18 per cent to Rs 7.65 billion (against Rs 6.47 billion in FY’08). Expenditure, however, shot up from Rs 5.68 billion in FY’08 to Rs 10.32 billion in FY’09.

Network18 has raised over Rs 7.75 billion in equity related instruments to strengthen balance sheets across its group companies.