MUMBAI: Agra-based multi-system operator Sea TV network has posted a 70.48 per cent drop in its net profit for the three-month period ended 31 December 2011.

The MSO has posted a net profit of Rs 1.17 million in the quarter under review, as compared to a net profit of Rs 3.95 million a year ago.

Sea TV, which also runs a clutch of channels across news, general and religious genre, has posted net sales of Rs 28.85 million, up 36.23 per cent compared to Rs 21.17 million in the corresponding quarter of the previous fiscal.

The rise in sales was hit by a spike in expenses which rose almost 40.37 per cent to Rs 28.06 million in the quarter, as opposed to Rs 19.99 million in the previous fiscal.

Profit before other income, interest and exceptional items stood at Rs 2.85 million, a drop of 65.76 per cent compared to Rs 8.32 million in the last fiscal.