Hindustan Media Ventures posts Rs43.8 crore profit in Q3
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New Delhi: Hindustan Media Ventures Ltd (HMVL), publisher of the Hindi-language daily Hindustan, on Wednesday reported revenue of Rs251.8 crore, largely unchanged from the year-ago period, for the three months ended December.
The company’s advertising revenue declined by 7% to Rs.168.8 crore primarily due to decrease in advertising volumes after demonetisation. Circulation revenue rose by 4.3% to Rs56.1 crore.
Ebitda (earnings before interest, tax, depreciation and amortization), a measure of operating profitability, dropped 13.2% to Rs62.5 crore from Rs71.9 crore.
“The company witnessed a subdued quarter of revenue and EBITDA with healthy gains from the festive season in October pared by reduction in media spends across sectors in the wake of demonetisation,” HMVL chairperson Shobhana Bhartia said in the statement.
HMVL saw a net profit decline for the quarter ended 31 December as a drop in advertising income offset circulation gains.
Net profit fell 7.5% to Rs43.8 crore in the quarter from Rs47.4 crore in the year-ago period, the publisher said in a statement.
In the year-ago quarter, the company’s numbers had received a boost from the Bihar state elections.
“We are treating this period as an opportunity to regroup and prepare ourselves for the times ahead,” Bhartia said. “As the initial impact of demonetisation recedes, we see multiple upsides that will help stimulate advertising demand. The Uttar Pradesh elections this quarter should give us some momentum as we go into the next financial year.”
The company, which publishes Nandan and Kadambini magazines besides Hindustan, is a unit of HT Media Ltd, publisher of Hindustan Times and Mint.