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Our Bureau

Chennai , July 31

Sun TV has reported a net profit of Rs 42.23 crore for the first quarter ended June 30, 2006 compared with Rs 27.79 crore for the corresponding quarter in the previous year.

The total income for the period was Rs 99.04 crore, up from Rs 74.68 crore in the corresponding period last year.

The company registered a net profit of Rs 130.23 crore on a total income of Rs 339.11 crore for the year ended March 31, 2006.

The company completed an initial public offering during the quarter and allotted 6.88 lakh shares of Rs 10 each at a premium of Rs 865 per share. It has deployed Rs 74.05 crore of the IPO proceeds towards capitalisation of its subsidiary Kal Radio Ltd. The balance proceeds after meeting the IPO expenses have been invested in fixed deposits with banks, according to a press release.

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