BackHT Media’s profit declines 18% to Rs52.6 crore in September quarter
Earnings before interest, taxes, depreciation and amortization in the quarter declined 13% to Rs106 crore from Rs121.3 crore a year ago
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New Delhi: HT Media Ltd (HTML), publisher of the Hindustan Times and Mint newspapers, on Friday reported an 18% decline in net profit for the quarter ended 30 September as higher expenses countered an increase in advertising and circulation revenue.
Net profit fell to ₹ 52.6 crore in the three months from ₹ 63.9 crore a year earlier on a 0.5% increase in revenue to ₹ 594.8 crore from ₹ 591.6 crore, the company, which also operates an FM radio business under the brand Fever 104, said in a statement.
Earnings before interest, taxes, depreciation and amortization (Ebitda)—an indicator of operating profitability—in the quarter declined 13% to ₹ 106 crore from ₹ 121.3 crore a year ago.
Advertising revenue in the print segment rose 9% to ₹ 420 crore and circulation revenue rose 12% to ₹ 71.7 crore. Fever 104’s revenue increased 10% to ₹ 24.4 crore.
Those gains were offset by higher costs. Raw material costs increased 13% to ₹ 189.4 crore and employee costs rose 9% to ₹ 116 crore because of new hiring, increments and a charge for regulatory compliance, the company said.
HT Media reported a 40% decrease in so-called other income to ₹ 33.9 crore in the quarter, citing the higher base effect of its stake sale ( ₹ 38.2 crore) in HT Burda Media Ltd, a venture with Germany’s Burda Druck Gmbh, and sale of shares ( ₹ 8.6 crore) in subsidiary Hindustan Media Ventures Ltd, publisher of Hindustan.
“We remain optimistic on the medium term outlook for HTML as the economy revives and industrial growth gets back on track," chairperson and editorial director Shobhana Bhartia said in the statement. “We believe there will be significant opportunities for the company as the economic environment improves."
At 3.17pm, HT Media shares were trading 4.30% higher at ₹ 112.90 on BSE, while the benchmark Sensex was up 0.43% to 26,111.21 points.
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