HT Media Ltd on Tuesday reported a consolidated net loss of Rs 148.07 crore for the first quarter ended June 30, 2019 on account of exceptional expense of Rs 176.28 crore.
The company had posted a net profit of Rs 4.62 crore in April-June quarter of the previous fiscal.
Total income during the quarter under review rose 2.62 per cent to Rs 588.27 crore from Rs 573.2 crore a year ago, the company said in a BSE filing.
HT Media said Next Mediaworks Ltd and its subsidiaries have become subsidiaries of the company effective April 15, 2019.
Consequently, the financial impact of these subsidiaries have also been considered in financial results of the company for the quarter ended June 30, 2019.
"Subsequent to the acquisition of these subsidiaries, an impairment of goodwill (recognized on acquisition of NMW and its subsidiaries) amounting to Rs 176.28 crore has been recognised as an exceptional item," the company said.
Shares of HT Media were trading 0.57 per cent lower at Rs 26.50 apiece on the BSE.