India's Adani-owned NDTV posts Q1 loss amid weak advertising demand
BENGALURU (Reuters) - New Delhi Television Ltd (NDTV), part of the Adani Group, posted a loss for the first quarter on Thursday, as Indian broadcasters remain pressured by a weak advertising environment.
NDTV reported a consolidated net loss of 81.3 million rupees ($991,568.62) for the quarter ended June 30, compared to a profit of 232.2 million rupees a year ago.
Revenue from operations plunged 35% to 699.9 million rupees, while overall expenses fell 1.6%.
Media companies have been facing weak advertisement demand, as enterprises cut discretionary spending amid a high interest rate environment.
Indian billionaire Mukesh Ambani-owned TV18 Broadcast, that operates CNN News18 news channel, had flagged last week that the advertisement environment continues to be soft.
Ports-to-energy conglomerate Adani Group holds an about 64.7% stake in NDTV through RRPR Holding and Vishvapradhan Commercial after a contentious battle last year.
NDTV shares, which have lost more than one-third of their value so far this year, closed down 1.7% on Thursday ahead of the results.
($1 = 81.9913 Indian rupees)
(Reporting by Sethuraman NR in Bengaluru; Editing by Varun H K)
