TV 18 reports Rs 27.70 crore loss

Television Eighteen India, which owns television business news channel CNBC, reported a consolidated net loss of Rs 27.70 crore for the quarter ended December 2008, against a net profit of Rs 13 crore for the corresponding quarter last year. This is despite a 16 per cent increase in consolidated revenues to Rs 1,304 crore for the quarter. On a standalone basis, the business news channel reported a 71 per cent decline in net profits to Rs 7.27 crore in the quarter ended December 2008 on the back of 23 per cent drop in revenues to Rs 61.47 crore. Web 18, the company’s arm that manages all the internet business of the group, plans to go for an American Depository Receipts (ADR) issue and has filed a draft registration statement for an IPO, Television Eighteen said in a release. When contacted, a senior company executive said the amount Web 18 plans to raise through the IPO has not been finalised. 

Arvind net loss at Rs 33.17 crore

Arvind (formerly Arvind Mill), an integrated textile player, has posted a net loss of Rs 33.17 crore for the quarter ended December 2008, compared to a net profit of Rs 5.67 crore in the corresponding previous quarter. The company’s net sales during the quarter grew to Rs 591.40 crore against Rs 534.45 crore last year — up 10.66 crore. The Ahmedabad-based company attributed the loss to the foreign exchange loss, which stood at Rs 35.5 crore in the December quarter. The global meltdown has also affected the company’s performance. 

Bilt net profit dips 31 per cent

Bilt, the country largest paper producer, has reported a 31.46 per cent decline in net profit for the quarter ended December 2008, due to a dip in realisation for rayon grade pulp, said a company release. Net profit for the quarter stood at Rs 50.1 crore vis a vis Rs 73.1 crore during the corresponding quarter last year. Net sales dropped 6.56 per cent to Rs 646.3 crore on dip in sales volume. Total paper production during the quarter was 150,629 tonnes, compared to 150,505 tonnes in the corresponding previous quarter. However, paper sales dipped 9.43 per cent to 136,516 tonnes.