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Web18 reports net loss of Rs 7.65 crore for 1Q 2008-09

Web18, which holds all the internet properties of Network18 Group, has reported a net loss of Rs 7.65 crore for the first quarter ended June 2008, as compared with a net loss of Rs 2.55 crore recorded in the corresponding quarter of the previous fiscal year. Revenues increased by 41 per cent at Rs 13.16 crore in the first quarter of the current fiscal year, as compared with Rs 9.34 crore in the June 2007 ended quarter.

Web18, which holds all the internet properties of Network18 Group, has reported a net loss of Rs 7.65 crore for the first quarter ended June 2008, as compared with a net loss of Rs 2.55 crore recorded in the corresponding quarter of the previous fiscal year. Revenues increased by 41 per cent at Rs 13.16 crore in the first quarter of the current fiscal year, as compared with Rs 9.34 crore in the June 2007 ended quarter.

While talking about the net loss incurred by Web18, Haresh Chawla, Group CEO of TV18, has said, “Everybody sees the future of the internet business; we are seeing good advertising traction but we are spending much more on development and creating new properties so that we can attract new audiences.”

Web18 managed properties include the group’s flagship portal TV18online.com, online news portal IBNLive.com, popular financial portal MoneyControl.com, CommoditiesControl.com, PowerYourTrade.com, IndiaEarnings.com, sports portal CricketNext.com, product comparison site CompareIndia.com, jobs classified site JobStreet.com, travel portal Yatra.com, technology news portal Tech2.com, entertainment portal Buzz18.com, women focussed site Indiwo.com, e-commerce website StoreGuru.com, Hindi news portal Josh18.com and interactive marketing agency Urban Eye Media. The company has also launched a horizontal portal In.com .

[Source: MoneyControl, MediaNama]
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