TV18 Broadcast Ltd today reported a consolidated net loss of Rs 1.07 crore and total income of Rs 765.12 crore for the fourth quarter ended March 31, 2017-18.
The media and entertainment firm had registered a net profit of Rs 6 crore and total income of Rs 297.63 crore in the January-March quarter of the previous financial year.
In a regulatory filing, it said that consequent to Viacom18 and IndiaCast becoming subsidiary the figures for the current quarter year are not comparable with those of the earlier quarters year.
On February 28, 2018, TV18 Broadcast increased its equity interest in Viacom18 Media Pvt Ltd from 50 per cent to 51 per cent by acquiring 1 per cent of the equity shares held by MTV Asia Ventures (India) Pte. Ltd., Mauritius for Rs 129.75 crore in cash and consequently obtained operational control over Viacom18.
Accordingly, the company has consolidated Viacom18 as subsidiary from 1st March, 2018.
"Consequent to this acquisition, IndiaCast Media Distribution Pvt Ltd which was hitherto a joint venture of the company, was accounted as subsidiary with effect from March 1, 2018," it added.
For the entire fiscal, 2017-18, TV18 Broadcast reported a consolidated net profit of Rs 7.85 crore. It had reported a net profit of Rs 6.40 crore in the previous fiscal.
Its total income from operation during the financial year stood at Rs 1,504.18 crore. It was Rs 1,022.74 crore in financial year 2016-17.
Stock of TV18 Broadcast were trading 0.07 per cent lower at Rs 67.20 on BSE.
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