MUMBAI: Entertainment Network (India) Ltd., which runs Radio Mirchi, has reported revenues of Rs 503 million for the quarter ended 31 March 2009 as compared to Rs 651 million in the corresponding period last fiscal, down by 22.7 per cent.

The company's profit after tax stood at Rs 13 million. Revenues for the year ended 31 March 2009, grew by one per cent to Rs 2290 million.

On a consolidated basis, ENIL reported revenues of Rs 998 million during Q4FY09 compared to Rs 1234 million during Q4FY08. The loss before interest, tax, depreciation and amortization for the quarter was Rs 113 million. For the year ended 31 March 2009, revenues grew by three per cent to Rs 4271 million.

Says ENIL managing director  A P Parigi, Advertisement revenues, both in the radio business and the OOH Media business, were adversely impacted by the economic slowdown. We are working on new revenue opportunities and cost optimization measures to improve the profitability of our businesses....

Adds Mirchi CEO Prashant Panday, It's been a very trying quarter for all media companies. While Mirchi's revenues have also dropped, I am happy to report that Mirchi's market share has grown. Our cost cutting measures have started bearing results and we expect to realise the full benefit next year. This will lead to improvement in margins in FY10. We will continue to invest in brand building next year like we did this quarter with the Mirchi Music Awards – watched by nearly 11.5 million viewers on TV....