Network18 Media & Investments has narrowed its consolidated net loss significantly to Rs 61 crore in the June quarter 2020 compared to loss of Rs 128 crore in the corresponding period last year, due to lower finance cost.
Consolidated operating revenue during the June quarter stood at Rs 807 crore declining 35 percent from Rs 1,245 crore reported in the year-ago period.
“The cost base was comprehensively reset across verticals as the organisation embraced tech-solutions and a leaner, nimbler approach. Operating EBITDA dipped on account of the revenue drag. However, aggressive and broad-based cost-controls across business verticals limited the fall. Consolidated PAT improved YoY led by a decline in finance costs,” company said in its BSE filing.