New Delhi: Reliance MediaWorks (RMW) on Thursday posted an increase in consolidated net loss to Rs 120.51 crore for the quarter ended September 30, 2011. The company had a net loss of Rs 44.7 crore in the corresponding quarter last fiscal, RMW said in a statement.

Consolidated net sales during the second quarter this fiscal increased marginally during the three months ended September 30, 2011 to Rs 230.79 crore, from Rs 227.49 crore in the corresponding quarter of last fiscal.

Investment and stabilisation of business verticals increase in interest payment and depreciation charge resulted in the widening of net loss, the company said.

During the quarter, the company had a start up expense of Rs 10 crore for VFX and 3D conversion outsourcing businesses, it said.

Interest expenses for the period under review stood at Rs 68.87 crore compared to Rs 42.12 crore in the year-ago period, it said.

Depreciation charges also increased marginally to Rs 34.43 crore during quarter as compared to Rs 30.93 crore in the same period last fiscal, RMW said.

(Agencies)