India's Network18 reports quarterly loss on higher expenses

Network18 Media & Investments

18/10/2022 13:10

BENGALURU, Oct 18 (Reuters) - India's Network18 Media &
Investments  NEFI.NS  reported a loss for the second quarter on
Tuesday, as advertisers spent less and the media conglomerate
backed by billionaire Mukesh Ambani poured funds into new
television channels and shows.
    Consolidated loss attributable to owners of Network18 stood
at 364.9 million Indian rupees ($4.44 million) for the three
months ended Sept. 30.
    It had posted a loss of 33.2 million rupees for the previous
quarter and a profit of 390.2 million rupees in the September
quarter a year ago.
($1 = 82.2740 Indian rupees)
 (Reporting by Praveen Paramasivam in Bengaluru; Editing by
Shinjini Ganguli)
 ((Praveen.Paramasivam@thomsonreuters.com; https://twitter.com/PraveenR_P
 ; +91 867-525-3569;))