(Reuters) – India’s New Delhi Television (NDTV) posted its fourth-straight quarterly loss on Wednesday, as the news broadcaster’s expenses surged.
The company, 64.7% of which is owned by ports-to-energy conglomerate Adani Group, reported a loss of 527.7 million rupees ($6.28 million) for the July-September quarter, compared to a profit of 59.1 million rupees in the year-ago period.
NDTV’s total expenses surged 76% on the back of a jump in operating as well as production and marketing costs, as it continued to invest in newly launched TV channels and infrastructure.
The company, which runs news channels, said its revenue from operations rose 16.5% to 1.11 billion rupees in the latest quarter, attributing it to enhanced content strategy, an expanding portfolio of intellectual properties, and strategic digital initiatives.
Indian consumer good makers, who typically spend the most on advertising on television, have reined in their expenses as they grapple with muted demand for their products amid rising living costs.
That has weighed on advertising-dependent media companies.
In the past couple of weeks, Zee Enterprises, which runs its eponymous TV serial and entertainment channels, posted a decline in ad revenue. Reliance group-controlled Network18 Media, which owns both news and entertainment channels, said its TV news ad revenue was soft during the quarter.
NDTV did not disclose its ad revenue for the quarter.
The company’s shares dropped after the results, closing 0.8% lower.
Other rivals TV Today Network and Zee Media Corporation are expected to post results later this month.
($1 = 84.0650 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru; Editing by Janane Venkatraman)
