January 27, 2009 / 6:21 AM / 12 years ago

NDTV curbs capex plans as slowdown hurts

A satellite dish belonging to a television news channel is silhouetted against Taj Hotel in Mumbai in this November 2008 file photo. REUTERS/Arko Datta

MUMBAI (Reuters) - Broadcaster New Delhi Television Ltd has curbed expenditure plans in the next financial year on distribution, new equipment and launch of fresh channels, hit by the economic slowdown, a senior official told Reuters.

“We don’t have a significant capex (for 2009/10) to talk about. We are being a little tight on expansion,” Chief Executive Officer KVL Narayan Rao said over the telephone.

NDTV, which operates news channels NDTV Profit, NDTV 24X7, NDTV India, besides entertainment channels, has been hit due to a slump in revenues from key advertisers - banking and financial institutions, real estate, airlines and auto, Rao said.

High interest rates in the first half of 2008, peaking inflation, sky-rocketing oil prices and a plunging stock market crimped consumer spending, stifling demand.

The company late on Friday posted a net loss of 1.2 billion rupees for the group in the December quarter on losses from its new entertainment channel, NDTV Imagine, and poor advertisement revenue while total income grew by a fifth to 1.3 billion rupees.

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