HT Media Q3 net up marginally at Rs 48 cr

HT Media today posted marginal increase in its consolidated net profit for the quarter ended December 31, 2011 at Rs 48.16 crore, compared to the same period of previous fiscal.

The firm's net profit during the three months ended December 31, 2010 was Rs 47.79 crore crore, the company said in a filing to the Bombay Stock Exchange (BSE).

HT Media's consolidated net sales for the quarter under review increased 12.86% to Rs 521.60 crore as against Rs 462.15 crore during the quarter ended December 31, 2010.

Commenting on the company's performance, HT Media Chairperson and Editorial Director Shobhana Bhartia said: "We are happy to report continued growth in a tough economic environment resulting in slowing advertising spend and a weakening rupee."

HT Media publishes the Hindustan Times, Mint and Hindustan newspapers. It also has FM radio operations in four cities and a job portal as well.

In a separate filing, the company said a job portal undertaking of Firefly e-ventures Ltd (FEVL) will be transferred to HTML. FEVL that operates job portal shine.Com, is a subsidiary of HTML.

"The board of directors of the company (HTML) and its subsidiary FEVL, have accorded in-principle approval to the demerger of 'Job Portal Undertaking of FEVL' and transfer and vesting thereof into HTML, in terms of a scheme of arrangement and restructuring to be approved by the Hon'ble Delhi High Court," the filing said.

The scheme is proposed to be affective from April 1, 2012.

The company's scrips closed at Rs 124.30 per share, down 5.30% from the previous close on the BSE.