BackHT Media net income declines 31% in June quarter
Net income fell to `32.7 crore in the three months from `47.5 crore a year earlier on a 3% increase in revenue to `585.9 crore from `568.5 crore
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New Delhi: HT Media Ltd, publisher of the Hindustan Times and Mint newspapers, on Friday reported a 31% decline in net income for the quarter ended 30 June, as higher expenses countered an increase in advertising and circulation revenue.
Net income fell to ₹ 32.7 crore in the three months from ₹ 47.5 crore a year earlier on a 3% increase in revenue to ₹ 585.9 crore from ₹ 568.5 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 4% to ₹ 101.4 crore from ₹ 105.5 crore a year ago, driven by increases in raw material and employee costs.
Raw material costs rose 8% from the year-ago period to ₹ 185.7 crore due to higher newsprint prices. Employee costs rose 19% to ₹ 125.2 crore from ₹ 105.5 crore because of new hiring, increments and a charge for regulatory compliance, the company said.
The higher costs offset revenue gains. Advertising revenue in the print segment increased 3% to ₹ 421.4 crore while circulation revenue went up 13% to ₹ 68.6 crore.
Fever 104, which operates four stations in Delhi, Mumbai, Kolkata and Bangalore, saw its revenue increase 12% to ₹ 24 crore. Digital revenue for the company that operates shine.com increased 39% to ₹ 23.7 crore in the three months to June.
HT Media shares declined 5.56% to ₹ 113.70 on a day the BSE’s benchmark Sensex fell 0.55% to 26,126.75 points.
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