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Radio Mirchi net profit skids as revenue flattens
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MUMBAI: Entertainment Network India Ltd's radio business under the Radio Mirchi brand has taken a fourth-quarter net profit knock, dipping 82.24 per cent over the year-ago period.

Revenue also dropped 22.72 per cent to stand at Rs 503.02 million for the quarter ended 31 March 2009, as against Rs 650.9 million in the prior year period.

Radio Mirchi's net profit during the quarter under review was at Rs 12.58 million compared to Rs 70.88 million in FY'08.

For the full fiscal ended 31 March 2009, net profit also skid 82 per cent to Rs 29.12 million compared to Rs 161.93 million a year ago. Revenue rose by just 0.72 per cent to Rs 2.29 billion.

Said Radio Mirchi CEO Prashant Panday, “It’s been a very trying quarter for all media companies. While Mirchi’s revenues have also dropped, I am happy to report that Mirchi’s market share has grown. Our cost cutting measures have started bearing results and we expect to realise the full benefit next year. This will lead to improvement in margins in FY10. We will continue to invest in brand building next year like we did this quarter with the Mirchi Music Awards – watched by nearly 11.5 million viewers on TV.”

ENIL's consolidated net loss for FY'09 has widened to Rs 728.76 million, up from Rs 176.31 million a year ago.

Revenue for the fiscal stood at Rs 4.27 billion, up from Rs 4.14 billion in the previous year.

Enil MD AP Parigi said, "Advertisement revenues, both in the radio business and the OOH Media business, were adversely impacted by the economic slowdown. We are working on new revenue opportunities and cost optimization measures to improve the profitability of our businesses.”

Times OOH, the out-of-home business, reported a revenue growth of 11 per cent during FY'09. The revenue during the quarter was lower by 33.1 per cent.

Times OOH MD Sunder Hemrajani said, “The business environment for OOH media in Q4 FY'09 was extremely adverse given the effect of economic slowdown. The OOH media industry has declined sharply during the quarter which has adversely impacted the revenues of the Company. The Company has taken steps to maximize revenues through increase in width and depth of customer base and focus on innovations and customer engagement. Also, aggressive cost initiatives have been taken in order to mitigate the effect of the business downturn and ensure the profitability of the business going forward.”

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