HT Media profit at Rs.36.23 crore
MUMBAI, Oct 14, 2012 (Menafn - Mint - McClatchy-Tribune Information Services via COMTEX) --HT Media Ltd, publisher of Hindustan Times and Mint, posted a 29% drop in net profit for the three months ended September as the economic slowdown hit advertising.
Net profit fell to Rs.36.23 crore from Rs.46.89 crore from the year earlier, while net sales rose 4% to Rs.500.93 crore from Rs.481.27 crore.
"We continue to operate in a tough macro-economic environment, with advertising revenues across our print businesses facing headwinds. This, combined with persistent inflation in costs, has put pressure on our profitability for the quarter," said Shobhana Bhartia, chairperson and editorial director, HT Media. "We are, however, encouraged by the results of the latest India Readership Survey (IRS), which clearly show that we continue to consolidate our position among English and Hindi dailies. In addition, our radio and digital businesses continue to gain traction and deliver robust growth according to plan."
Hindustan Times retained its leadership position in the Delhi National Capital Region with 2.21 million readers and consolidated its No. 2 position in Mumbai with a readership of 0.79 million, up 10% over IRS Q2 2011, the company said.
The company said print advertising revenue dropped to Rs.364 crore from Rs.369.2 crore, primarily due to a decline in pricing. Circulation revenue rose 11% to Rs.56.3 crore from Rs.50.7 crore, driven by higher circulation and higher realization per copy. Radio revenue rose 27% to Rs.19.9 crore from Rs.15.7 crore.
HT Media said the business outlook continues to be strong with increasing returns in new businesses such as the Mumbai edition of Hindustan Times, radio and Mint expected to contribute toward revenue growth and improved profitability. HT Media is also gaining traction in the digital businesses, it said. The company has net cash of Rs.545 crore, it said.
"Overall, we remain optimistic on the medium-term outlook for HTML and will deliver sustainable growth and profitability for our stakeholders as the economic environment improves," the chairperson said.
___ (c)2012 the Mint (New Delhi) Visit the Mint (New Delhi) at www.livemint.com
Distributed by MCT Information Services
Copyright (C) 2012, Mint, New Delhi
