HT Media Q4 profit triples to Rs75.04 crore
For the full fiscal year 2017-18, HT Media’s profit rose 81% to Rs307.17 crore from Rs170.25 crore in 2016-17
New Delhi: HT Media Ltd, the publisher of the Hindustan Times and Mint newspapers, said net profit almost tripled on higher income from print, radio and multimedia segments.
Net profit, including those of its units, rose to Rs75.04 crore for the quarter ended 31 March from Rs25.55 crore in the same period of the previous year.
Revenue rose 1.8% to Rs645.51 crore from Rs634.14 crore, the company said on Wednesday. The company also operates two FM radio stations, Fever 104 and Radio Nasha.
For the full fiscal year 2017-18, HT Media’s profit rose 81% to Rs307.17 crore from Rs170.25 crore in 2016-17.
Revenue dropped 3.4% to Rs2,591.68 crore in 2017-18 from Rs2,681.55 crore in the previous year.
Income (profit before tax) from printing and publishing of newspapers and periodicals rose by 25.7% to Rs70.74 crore for the March quarter from Rs56.29 crore in the year-ago period.
Profit from the radio broadcast and entertainment tripled to Rs18.95 crore from Rs5.95 crore.
The Multimedia Content Management Division also swung to a profit. Losses in the digital division, however, widened.
The board also announced that chief executive officer Rajiv Verma would step down from his role. He would, however, continue to remain associated with the company in an advisory role once the new CEO joins.
“We would like to thank Rajiv for his dedicated effort and significant contribution through his tenure spanning over 14 years with the company,” said HT Media chairperson and editorial director Shobhana Bhartia.
On Tuesday, Hindustan Media Ventures Ltd (HMVL), the publisher of Hindi daily Hindustan, had reported that its profit fell by 13.2% in the three months ended 31 March.
Net profit fell to Rs40.32 crore in the fiscal fourth quarter from Rs46.43 crore in the year-ago period.
Revenue fell by 13.7% to Rs202.21 crore from Rs234.29 crore, Hindustan Media Ventures Ltd said.
For the full fiscal year, Hindustan Media Ventures Ltd posted an 11.6% drop in net profit to Rs171.22 crore, while revenue decreased 5.6% to Rs880.10 crore.
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