India's Network18 falls on Q4 loss amid weak ad environment

Network18 Media & Investments

18/04/2023 05:31

** Shares of Network18 Media & Investments Ltd  NEFI.NS 
down 2.5% after posting a Q4 loss vs a yr-ago profit
    ** The media conglomerate backed by billionaire Mukesh
Ambani reports net loss of 367.8 mln rupees ($4.5 million) vs a
yr-ago profit of 618.5 mln rupees
    ** Posts first rev drop (of 8.5%) in nine quarters on weak
ad spend and higher investments in entertainment and sport
businesses that strained margins
    ** TV impressions-a key metric used to quantify the number
of views an ad gets-declined 6% 
    ** Stock stays below 50-,100- and 200-day moving averages
    ** Trading vols ~1.1 mln by 9:39 am IST, 0.5x the 30-day avg
    ** Stock now down about 15% year to date vs a 14% slide in
the Nifty media index  .NIFTYMED 
 
 ($1 = 81.9680 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((Dimpal.Gulwani@thomsonreuters.com;))