India's Network18 falls on Sept-qtr loss from advertising lull

Network18 Media & Investments

19/10/2022 05:11

** Shares in Network18  NEFI.NS , a media conglomerate
backed by billionaire Mukesh Ambani, fall as much as 6.6% to
65.35 rupees in early trading
    ** Network18's consolidated loss attributable to owners
widened to 364.9 million Indian rupees ($4.43 million) for the
Sept. quarter from 33.2 million rupees in the first quarter, as
advertisers spent less even though co poured funds into its
entertainment business
    ** "Advertising revenue (in the entertainment business)
lagged expectations," Network18 said on Tuesday
    ** The loss overshadowed a 12% increase in revenue from
operations
    ** Shares in TV18 Broadcast  TVEB.NS , a Network18 division,
are down as much as 6.7% at a four-month low of 35.05 rupees on
profit slump
    ** Through last close, Network18 shares had fallen nearly
23% this year, while TV18 shares had declined around 16%
    ($1 = 82.3375 Indian rupees)
  
 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))