MUMBAI: Entertainment Network ( India) Ltd. announced its results for the quarter ended December 31, 2007. For the quarter, revenues grew strongly by 46.3 per cent to Rs 684 million (Rs 68.4 crores). The company’s earnings before interest, tax, depreciation and amortization (EBITDA) and net profit stood at Rs 192 million (Rs 19.2 crores) and Rs 80 million (Rs 8 crores) respectively.
Revenues for the nine months ended December 31, 2007 grew by 32.5 per cent and amounted to Rs 1.62 billion (Rs 162.5 crores). EBITDA for the nine months period stood at Rs 341 million (Rs 34.1 crores).
During the quarter, Radio Mirchi completed the launch of five new stations viz. Nagpur, Vishakapatnam, Vijayawada, Coimbatore and Mangalore. With the launch of Raipur station in January 2008, Radio Mirchi is today operational in 30 cities.
On a consolidated basis, the company reported revenues of Rs 135.7 crores for the quarter ended 31 December, 2007. Consolidated revenues for the nine months ended December 31, 2007 amounted to Rs 2.90 billion (Rs 290.7 crores).
Commenting on the performance of the company, ENIL managing director AP Parigi said, “Today, with 30 operating radio stations we deliver a significant footprint in India. Our outdoor and event management businesses are also poised to deliver strong growth and superior returns. The hiving-off of the event management business into a separate wholly owned subsidiary viz. Alternate Brand Solutions Limited will enhance the financial flexibility for the company’s underlying businesses. With these developments, we believe that the ENIL Group is well positioned for the next growth phase.”
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