Fisher Communications, a Seattle-based company that owns nine network-affiliated television stations, on Friday said it has fallen deeper into the red, hurt by losses on derivative investments.

The company’s red ink hit $16.5 million in the quarter, compared with a year-earlier loss of $11.5 million.

Revenue rose 11 percent to $40.3 million, driven by increased political advertising spending as well as improvements in local advertising.

Most of Fisher’s broadcast properties, which include 27 radio stations, are located in the Northwest.