MUMBAI:TV 18's consolidated revenues surged to Rs 681.57 million for the first quarter ended 30 June 2007, up from Rs 453.66 million in the year-ago period.

TV 18 has posted a net profit of Rs 76.19 million on a turnover of Rs 579.23 million from its news operations for the first quarter ended 30 June 2007.

In the year-ago period, revenue was at Rs 402.12 million while net profit stood at Rs 36.86 million. The company runs business channels CNBC-TV18 and CNBC-Awaaz.

Though revenue from internet and software operations jumped to Rs 93.41 million from Rs 51.54 million, TV 18 incurred a net loss of Rs 25.53 million as against a profit of Rs 21.29 million in the corresponding period of the previous year.

"The investment losses of Web 18 are minimised by strong revenues of existing portals," the company said in an official release. Web 18 has commenced conversion to US GAAP standards.

Newswire 18's revenue stood at Rs 8.93 million while net loss was at Rs 49.92 million for the quarter. TV 18 acquired Crisil MarketWire (CMW) from Crisil Ltd and rechristened it as Newswire 18.

Commenting on the performance TV18 MD Raghav Bahl said,: "We are thrilled with this Quarter's performance. While our channels are scaling new heights in the business news space, the internet properties under Web18 have started posting robust revenues. Newswire18 has expanded its network and is ahead of its business plan."