Siti Network Q1 net loss at Rs 53.62 crore

Cable TV distributor Siti Network (formerly known as Siti Cable Network) today reported widening of its consolidated net loss to Rs 53.62 crore for the first quarter ended on June 30, on account of sluggish cash flows.
The Essel Group firm had posted a net loss of Rs 36.68 crore in April-June quarter a year-ago, Siti Network said in a BSE filing.
Its net sales on consolidated basis was up by 22.53 per cent to Rs 278.96 crore during the quarter under review as against Rs 227.65 crore of the corresponding quarter last fiscal.
Commenting on the results Siti Networks Executive Director & CEO V D Wadhwa said: "Recurring cash flows were sluggish due to delays in Phase 3 monetisation on account of legal bottlenecks."

He further added: "However, we expect a time-bound resolution by the second half of the year and limited long term impact of this issue. We are well prepared for improved monetization of our subscriber base.