Television Eighteen Group has posted a consolidated net profit of Rs 2.39 crore (Rs 23.9 million) for the second quarter ended September 30, 2003, compared to a net loss of Rs 16.2 lakh (Rs 1.62 million) reported in same period previous fiscal.

Revenues were also up at Rs 10.91 crore (Rs 109.1 million) in the period under review as against Rs 8.69 crore (Rs 86.9 million) for the same quarter last year, TV18 said in a release in Mumbai on Thrusday.

The net profit excludes foreign exchange gains or losses and results include financial performance of TV18 India and its subsidiary companies -- TV18 Mauritius, Eighteen Entertainment India, E18 and MCD, it added.

This is the first quarter for which results are being published after the joint venture with CNBC was restructured, following which TV18 has come to own 90 per cent of the CNBC-TV18 channel. Hence, the results are not comparable with past quarters, it said.

TV18 managing director Raghav Bahl said, "The performance of the company has shown a marked improvement over the last one year and we expect to continue this strong performance over the forthcoming quarters."