HT Media Q2 net increases 19%; plans social networking buyout

HT Media Q2 net increases 19%; plans social networking buyout
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First Published: Fri, Oct 26 2007. 11 30 PM IST
Updated: Fri, Oct 26 2007. 11 30 PM IST
HT Media Ltd, publisher of newspapers including ‘Hindustan Times‘ and ‘Mint‘, on Friday said its net profit for the second quarter of 2007-08 surged 19% to Rs31.9 crore. Net sales rose to Rs281 crore in the three months ended September, from Rs249.9 crore in the year-ago period, the New Delhi-based company said.
Total revenues rose 12% to Rs289.5 crore from Rs257.5 crore. Advertisement revenue in the quarter grew by 14% to Rs239.3 crore . Core operating profit was higher by 17% at Rs66.5 crore from Rs56.6 crore.
“We have delivered a healthy growth both in revenue and profit despite higher brand spends and continued investments in new business initiatives,” said Shobhana Bhartia, vice-chairperson and editorial director of HT Media.
The company also announced that it plans to acquire an Internet company in the social networking space and launch websites for classified advertising and listings.
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First Published: Fri, Oct 26 2007. 11 30 PM IST