Hindustan Media Ventures posts Q3 net profit of Rs 11.6 cr

Hindustan Media Ventures Ltd (HMVL), the publisher of vernacular newspaper Hindustan and magazines Nandan and Kadambini, today posted a net profit of Rs 11.66 crore for the quarter ended December 31, 2010.

For the corresponding three-month period of the previous year, the company's net profit stood at Rs 4.33 crore.

HMVL's net sales stood at Rs 130.22 crore during the quarter under review. It had registered net sales of Rs 41.29 crore during the same period last year.

"The results for the quarter ended December 31, 2010, are not comparable with the results of quarter ended December 31, 2009," HMVL said in a statement.

The company had acquired the Hindi publications from its holding company, HT Media Ltd, on December 1, 2009.

HMVL had launched an initial public offer in July last year, through which it raised around Rs 270 crore.

During the quarter, HMVL launched its Hindi daily -- Hindustan -- in Gorakhpur (UP), the statement added.

The company's scrip were trading at Rs 172.05 per share, up 1.06 per cent from the previous close, toward the end the day's trade.