ITV

Tag: BK Fincap

  • IBN18 Q2 net loss at Rs 107.94 million

    IBN18 Q2 net loss at Rs 107.94 million

    MUMBAI : IBN18 (erstwhile Global Broadcast News) has posted a stand alone net loss of Rs 107.94 million in the quarter ended 30 September 2008, as against a loss of Rs 63.60 million in the same quarter of last year.

    The scheme of arrangement between BK Fincap, Jagran TV (JTV) and the company for acquisition of IBN 7 business from JTV and merger of BK Fincap into the company with effect 1 and 2 October 2007 respectively has been approved by the Delhi High Court and Allahabad High Court during the quarter.

    Consequently the net loss of Rs 67.8 million and Rs Nil (as per management accounts) on behalf of JTV and BK Fincap respectively for the second quarter FY 09 and net loss of Rs 155.1 million and Rs nil on behalf of JTV and BK Fincap respectively will be merged with the IBN18 Broadcast.

    IBN Lokmat has incurred a loss of Rs 96.4 million. The company’s share of loss based upon its holding in IBN Lokmat is Rs 48.2 million for the second quarter. Having regard to the long term investment and strategic involvement, no provision is considered necessary for diminution in the value of investment.

    During the quarter, the company’s revenue stood at Rs 304.65 million as compared to Rs 259.96 million in the year ago period.

    IBN18’s expenditure has jumped to Rs 386.2 million in the second quarter of FY 09 as against Rs 301.9 million in the corresponding quarter of last fiscal. It has spent Rs 90.15 million on marketing, distribution and promotional expenses.

    On a consolidated basis, the company’s net loss stands at Rs 189.4 million on revenue of Rs 307.68 million for the second quarter of the current fiscal.

    Consolidated expenses for the company is Rs 434 million.

  • GBN posts maiden net profit in Q4

    MUMBAI: : Global Broadcast News Limited (GBN) has announced a maiden net profit for the quarter ended 31 March 2007, within 15 months of launch of its channel CNN-IBN.

    The net profit stood at Rs 27.8 million while for the full fiscal net loss was at Rs 320.3 million. Says GBN joint managing director Sameer Manchanda, “The last quarter has seen GBN turn into black.”

    For the fourth quarter of 2006-07, gross revenues stood at Rs 290.7 million with income from operations accounting for Rs 279.8 million. During 2006-07, gross revenues were at Rs 799.4 million.

    Total expenditure for the entire fiscal stood at Rs 986.7 million with staff costs amounting to Rs 321 million and marketing, distribution and promotions to Rs 249.2 million.

    Out of Rs 1.05 billion raised through an initial public offering (IPO), the company has utilised Rs 645.9 million (till 31 March 2007).

    GBN’s share of loss based upon its holding in BK Fincap (BKF) is Rs 43.9 million during the quarter ended 31 March 2007. The company holds 49 per cent in BKF. Since August 2006. BKF holds 89.99 per cent shares in Jagaran TV Pvt Ltd (JTV).

    GBN shares rose seven per cent on the BSE to close today’s trading at Rs 618.90.

  • GBN to fund Rs 708 million for Hindi news expansion and repayment of debt

    GBN to fund Rs 708 million for Hindi news expansion and repayment of debt

    MUMBAI: Global Broadcast News Ltd (GBN) will use a major part of the proceeds of its proposed Rs 1.05 billion initial public offering (IPO) for funding expansion into the Hindi news genre and repaying debt.

    The company plans to pump in Rs 458.50 million in the Hindi news genre while Rs 250 million will be towards loan repayment. GBN, a TV18 Group company, manages English news channel CNN-IBN and Hindi channel IBN7.

    On 25 July, GBN had entered into a share subscription cum shareholders agreement with the members of the Gupta family, BK Fincap Private Limited and Jagran TV Private Limited to subscribe to 76,485 equity shares, or 49 per cent, of the issued capital of BK Fincap for a total consideration of Rs 680 million. BK Fincap is the holding company of Jagran TV Limited which owns and operates the Hindi language news channel, Channel 7.

    Out of the total consideration of Rs 680 million, GBN has already paid Rs 336.5 million. GBN is also under a contractual obligation to infuse Rs 115 million in BK Fincap before 31 December, 2006. So GBN will have to make a balance investment of Rs 458.50 million. “We propose to fund the entire expenses for the project through equity, which will be utilised from the net proceeds (0f the IPO),” the company said in its draft red herring prospectus filed with the Securities & Exchange Board of India (SEBI).