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HT Media reports 49% drop in net profit

HT Media reports 49% drop in net profit
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First Published: Tue, Oct 21 2008. 12 49 AM IST
Updated: Tue, Oct 21 2008. 12 49 AM IST
New Delhi: Citing newsprint prices and continued investments in several core and new businesses, HT Media Ltd, the publisher of ‘The Hindustan Times’, ‘Hindustan’ and ‘Mint’, on Monday said net profit for the quarter ended 30 September was down 49% from the year-ago period at Rs16.28 crore, or Rs0.70 per share. Revenue rose 18% to Rs334.17 crore, while expenditure during the quarter rose 26.19% to Rs307.12 crore, the company said in a statement.
“I am encouraged by healthy operating performance despite a challenging macroeconomic environment. We have partially mitigated the impact of higher input costs through advance buying of newsprint and sourcing from different geographies,” chairperson Shobhana Bhartia said in the statement.
The company said the impact of higher input costs and lower ad spends by some sectors was partially offset by ad rate hikes during the quarter under review. Shares in HT Media lost 2.45% to close at Rs79.50 on the Bombay Stock Exchange, on a day when the benchmark Sensex gained 2.48%.
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First Published: Tue, Oct 21 2008. 12 49 AM IST