Television software major TV18 came out with miserable results showing the down turn in media sector. The Net profit has gone down by more than 69 per cent at Rs11.3 million in the quarter ended on 30th June 2001 from 36.9 million in corresponding quarter in last financial year.

Total sales has gone down by 30 per cent to Rs 62.2 million from RS 89.7 million while other income has gone up from RS 6 million to RS 10.3 million

As the total expenses has actually gone up during quarter at RS 48.3 million compared to fall in the sales, total Operating margin also came under pressure, which has gone down to 22 per cent for the first quarter this year from 45 per cent last year.

TV-18's consolidated results for the first quarter, which included the performance of its other group companies like Television Eighteen Mauritius and e-eighteen dotcom, showed a net loss of Rs 8.2 million.

The major chunk of revenue for the company (Rs 57 million) came from sales of programming to business channel CNBC India in which TV18 has equity holding. Internet operations, e-commerce and other television software sales accounted for just RS 50 lakh for the quarter under review.

Looking at the improved advertisement revenue and the low cost programming, the company is expected to do well in remaining months in this financial year.