Small profit for Radio One owner in India
The company that owns India's Radio One is back in the black, according to its financial results for the quarter ending June 2013.
Next Radio Ltd, the joint venture of Next Mediaworks and BBC worldwide, turned last year's pre-tax loss of US$374,000 (Rs2.28 crore*) into a pre-tax profit of US$46,000 (Rs 0.28 crore).
Revenue was up 26 percent to US$2.28 million (Rs 13.94 crore) and EBIDTA profit climbed 51% to US$700,000 (Rs 4.27 crore) in the same period, compared to last year.
Radio One runs seven radio stations in large Indian cities.
In the capital Delhi and Mumbai it airs an international English format.
Services in Bangalore, Kolkata, Pune and Ahmedabad run retro formats, while Chennai airs an all-request format.
Vineet Singh Hukmani, MD & CEO of Radio One said: "We are on track with our strong and well established differentiation strategy and the lowest cost of operations in the industry and are now able to scale up even in a slow economy.
"In the coming quarters we will reveal new and exclusive initiatives that will propel us to the next level of radio growth."
*A crore is a South Asian numbering system equivalent to 10 million.