The Hindu Business Line : Sun TV posts Rs 80-cr net in Q2

Chennai, Oct 24 Sun TV Network Ltd has posted a net profit of Rs 80.16 crore for the second quarter ended September 30, 2007, on an expanded equity capital of Rs 197.04 crore against Rs 47.96 crore for the corresponding previous quarter. Total income stood at Rs 208.76 crore against Rs 105.90 crore in the previous year.

The petition for amalgamation of the erstwhile Gemini TV and the Satellite Television business of Udaya TV was sanctioned by the Madras High Court on March 29, 2007, with an appointed date of April 1, 2006.

Accordingly, the financial results for the quarter ended September 30, 2007, and year ended March 31, 2007, include the results of Gemini TV and the demerged undertaking of Udaya TV and are therefore, not comparable with the corresponding quarter and half year of the previous year.

IPO fund utilisation

Against the total projected utilisation of Rs 572 crore (net of issue expenses) from the initial public offering funds, Rs 310 crore has been utilised towards capitalisation of subsidiaries and Rs 6.9 crore towards construction of owned corporate office in Chennai.

A sum of Rs 20.5 crore was spent towards purchase of new equipment and upgradation of existing equipment. The balance proceeds from the IPO after meeting the IPO expenses, pending utilisation have been invested in fixed deposits with banks, the company informed the BSE. The share traded at Rs 325.50 on the BSE today.