Entertainment Network (India) Ltd, the operator of Radio Mirchi, today reported a net profit of Rs 4.4 crore for the first quarter ended June 30.
Total revenue of the company declined to Rs 104.4 crore in April-June 2017 from Rs 110.8 crore in the same quarter a year ago, Entertainment Network said in a statement.
Commenting on the results, ENIL Managing Director Prashant Panday said, "Q1 was a forgettable quarter. All the top advertising categories on radio recorded de-growth. The biggest advertiser - the central government - cut its advertising by nearly 35 per cent compared to last year."
In large part, the poor results of the quarter can be attributed to the lingering effects of demonetisation, the roll out of RERA (Real Estate Regulation Act) and run-up to GST in June, he said.
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