Stay on Top of Enterprise Technology Trends
Get updates impacting your industry from our GigaOm Research Community
Publisher HT Media today said net profit for the quarter ended 31 March dropped 44% from the year-ago period to Rs23.43 crore on account of higher newsprint prices, adverse currency movement and slowing ad revenue growth. Net sales grew 7% y-o-y to Rs333.82 crore, and total income grew 6% y-o-y to Rs343.91 crore. Profit margin dropped to 7% from 13% during the corresponding quarter last fiscal. Company also made a provision of Rs6.03 crore for dimunition in the value of long-term investments. Ad revenue from the publishing business grew 5% to Rs279.7 crore.
For the year ended 31 March, net profit was down 41% at Rs85.23 crore. The company held the same factors were responsible for the decline. Total income grew 11% to Rs1,357 crore. Profit margin dropped to 6% from 12% during the previous fiscal. Print ad revenue grew 11% to Rs1,129 crore.
Consolidated net profit for the fiscal dropped dramatically to Rs90 lakh from Rs101 crore last fiscal. This is an unexplained segment and there should be more clarity post tomorrow’s concall.
Operational updates from the company:
According to IRS 2009 R1, flagship daily Hindustan Times maintains leadership position in Delhi and NCR and grew 4% in Mumbai. Hindustan is fastest growing Hindi daily. Mint readership grew by 25%, soon to be launched in Kolkata.
Fever 104 FM becomes No. 1 station in Bangalore as well. Last week we reported that the station had broken into leadership position in Mumbai.
Jobs portal Shine.com crosses 2.2 million user registrations.
“We remain committed and are on course in implementing our growth plans which combined with the results they have already yielded, encourages me to remain confident of our performance outlook going forward,