The loss before tax in the first six months of the current year was down by 44 per cent, from Rs 11.27 crore in the same period last year, to Rs 6.35 crore.
Radio One, the joint venture between Next Mediaworks (earlier, Mid Day Multimedia) and BBC Worldwide, has announced its H1 results for the financial year ending March 2012.
Radio One also received a new revenue stream through the music concert space, which contributed significantly to the total H1 revenues. It may be noted that the radio industry grew by 7 per cent in the same period.
Talking to afaqs!, Vineet Singh Hukmani, managing director, Radio One, says, "Radio One will make use of Phase III as an opportunity to improve its business efficiency in the metros. Phase III will allow us to share content, which will help us to lower the operating cost. Moreover, it will let us take news from All India Radio (AIR), albeit in a limited and local form, and will definitely open doors for more revenue."
In an official communiqué, Tariq Ansari, chairperson, Next Mediaworks, says, "Key shareholders are converting a considerable part of debt to equity to reduce over gearing. They are also looking for new investor interest due to the strategic value that the company has, as it holds only lucrative metro licenses critical for any player entering the radio business. Next Mediaworks is also incubating a digital business as a future strategic initiative to take advantage of the global 3G and 4G space."
For the record, Radio One operates in seven cities in India, namely Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Pune and Ahmedabad.