MUMBAI: Entertainment Network (India) Limited (ENIL) has posted a consolidated net loss of Rs 79.99 million for the quarter ended 30 June, 2008 as against a loss of Rs 76.67 million in the corresponding quarter last fiscal.

The company, which operates FM stations under the brand name Radio Mirchi, has seen a growth of 56.7 per cent in net revenue to Rs 1.08 billion as against Rs 691.72 million a year ago.

ENIL MD A P Parigi said, With the completion of the current phase of investment activity in the radio business, our endeavour would be to fully realise the inherent profitability in the business. In view of the ongoing large investments in the out-of-home (OOH) media business, our current focus is on non-financial parameters which drive sustainable long term profitability.

Radio Mirchi CEO Prashant Panday said, Its been a good quarter. Our business has grown satisfactorily. Our market-share remains strong. We are more than double the next player in revenues. More importantly, we are excited by the opportunities that are headed towards the radio industry ?“ especially now that the economic situation is putting pressure on advertiser budgets. It is a known fact that in economic down-turns, radio is the most effective medium.

During the quarter, ENILs outdoor subsidiary Times Innovative Media Limited (TIM) has strengthened its position by entering into exclusive marketing arrangements for OOH media properties in Delhi and Bangalore. Times OOH also won advertising rights contract for eight unipoles at Jaipur.

TIM MD Sunder Hemrajani said, As the leading player in an industry segment that is at the cusp of theinfrastructure and media sector, the immense potential for our growth is intrinsically linked to our investment capability and momentum of the Indian economy.