MUMBAI: TV Today Network has posted a weak fiscal first-quarter net profit as it had to absorb losses from its radio business while revenue fell from the year-ago period which had gained from political advertising due to general elections.

TV Today, which operates a clutch of news channels including Aaj Tak and Headlines Today, reported a net profit of Rs 10.08 million for the three months to 30 June compared to Rs 166.44 million a year ago. 

TV Today clarified the Q1 results are not comparable to the year-ago period as it did not have the radio broadcasting business then.

TV Today’s total income from operations stood at Rs 650.08 million, down from Rs 710.41 million it reported in the corresponding quarter of the previous fiscal. Last year, income had jumped 10.76 per cent, as political parties had advertised majorly on the Hindi news channels.

The company’s expenses also surged to Rs 648.19, compared to Rs 561.32 million a year ago.

For the TV broadcasting segment, TV Today posted a revenue of Rs 641.39 million and an operating profit of Rs 49.05 million. However, its radio business, under the brand name of Meow FM, posted an operating loss of Rs 43.32 million over an income of Rs 8.69 million.

Shares of TV Today closed Friday at Rs 93.40 on the BSE, down 1.11 per cent from its previous close.