BENGALURU: The Mukesh Ambani group-owned TV18 Broadcast Limited (TV18) reported operating profit of Rs 9.1 crore for the quarter ended 30 September 2016 (Q2-17, current quarter) as compared to Rs 10.8 crore in the corresponding year-ago quarter. The company says in its earnings release that excluding the impact of new initiatives, the operating profit for the quarter was Rs. 21.2 crore.

The company’s consolidated gross revenue including proportionate share of joint ventures (JV) in Q2-17 increased 8.6 per cent year-over-year (y-o-y) to Rs 653.47 crore as compared to Rs 608.53 crore. TV18’s total income from operations (TIO) in the current quarter increased 5.3 per cent y-o-y to Rs 239.83 crore as compared to Rs 227,68 crore.

Consolidated media operations segment revenue (including share of JV) in the current quarter increased 14.4 per cent to Rs 647.19 crore as compared to Rs 565.91 crore in the corresponding year-ago quarter. The segment’s operating profit was just a fraction of the corresponding year ago period at Rs 1.33 crore as compared to Rs 19.75 crore.

TV18 says that during the quarter the group remained in investment mode to position it well for the future. The information and entertainment bouquet was revamped with new launches, talent pool beefed up and accent was placed on creating/curating high quality content for both TV and digital media. Segment loss before interest and tax on a consolidated basis including the performance of joint ventures stood at Rs. 3 crore for the quarter versus. segment profit of Rs. 24.7 crore in Q2-16. Excluding the impact of new initiatives and one-time expense, the segment profit for the quarter was Rs.70.1 crore

Film Production and Distribution segment reported 79.8 percent y-o-y drop in revenue at Rs 8.60 crore in Q2-17 as compared to Rs 42.62 crore. The segment reported operating loss of Rs 2.90 crore as against an operating profit of Rs 1.90 crore in the quarter ended 30 September 2015.