MUMBAI: Radio One first quarter revenues for the current year stood at Rs 111.3 millon (Rs 11.13 crore), a 14% growth over first quarter revenues of Rs 97.9 million (Rs 9.79 crore) last year.

The loss before tax in the first quarter of the current year was lower by 79% when compared to the same period last year. The loss before tax of Rs 11.7 million (Rs 1.17 crore) in the first quarter was down from Rs 57 million (Rs 5.70 crore) in the same period last year.

Next Media Works chairman and managing director Tariq Ansari said, "The first quarter of the year has been a challenging one for the radio industry, but I am happy to see that we have been able to grow our top line by 14% over the first quarter of last year. As we approach Phase 3 of the FM licensing regime, Radio One is improving by leaps and bounds and our operating teams are finding innovative ways to stay ahead of the market in listenership and revenue development. Promoters will shortly infuse more funding into Next Mediaworks in order to strengthen our balance sheet and prepare for the next round of auctions. This is an exciting time for the radio industry and Radio One will be at the front of these developments."

Radio One managing director Vineet Singh Hukmani added, "It was an exciting quarter where we have seen good growth in listenership in IRS and RAM in all our markets. Sensing the slight revenue slow down in Mumbai and Delhi we have been able to secure regional and local revenues as planned. We have pioneered a new revenue stream in the music concert space with 7 concerts already under our belt in our various cities. With the lucrative metros already with us, break even within our grasp, we are looking to expand wisely into more metro towns in Phase 3 with our low cost model."