India's Network18 falls on Q3 loss as soft advertising demand weighs

Network18 Media & Investments

17/01/2023 09:09

** Shares of Indian media conglomerate Network18 Media &
Investments  NEFI.NS  fell as much as 4% to 62.85 rupees; mark
sharpest intraday pct loss since Dec. 23
    ** Co reported a consol net loss of 76.8 mln rupees 
($939,219.76) for Dec-qtr, compared to profit of 971 mln rupees
Y/Y  urn:newsml:reuters.com:*:nFWN3411GF
    ** Rev from ops rose 11.6% to 18.5 bln rupees 
    ** Co said profitability suffered due to investments in new
initiatives, digital entertainment and sports which had negative
contribution to key profit metric 
    ** "Soft advertising demand impeded growth and
profitability", co added
    ** Share price is below the 50-day, 100-day and 200-day
exponential moving average, suggesting bearish trend
    ** More than 1.2 mln shares change hands by 2:08 IST vs
30-day moving avg 1.5 mln shares
    ** Stock fell 26.92% in 2022 after two consecutive years of
gaining 
($1 = 81.7700 Indian rupees)
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))