HT Media Q2 net down 25% to Rs 43.89 crore

HT Media today reported 24.56% decline in its consolidated net profit at Rs 43.89 crore for the second quarter ended September 30, 2014.

The company had posted a consolidated net profit of Rs 58.18 crore in the corresponding period a year ago.

Total consolidated income from operations during the July-September quarter, however, increased 4.90% to Rs 560.88 crore as against Rs 534.65 crore a year ago, HT Media said in a BSE filing.

Commenting on the performance, HT Media Chairperson and Editorial Director Shobhana Bhartia said: "We are glad to report a stable growth in operating revenue and profit this quarter on the back of increased advertising volumes and yields for most of our dailies. Our growth initiatives in Mumbai and UP continue to deliver results."

HT Media's digital businesses have shown robust growth and its radio business continues to outperform, she added.

On the outlook, Bhartia said: "We remain optimistic on the medium-term outlook for HT Media as the economy revives and industrial growth gets back on track."

For the first half of the 2014-15 fiscal, HT Media's consolidated net profit has also decreased by 27.54% to Rs 76.56 crore as against Rs 105.67 crore in the year-ago period.

Total consolidated income from operation in the first half of the fiscal increased marginally by 2.94% to Rs 1,107.29 crore, as against Rs 1,075.58 crore in the same period last year.

HT Media publishes three dailies - Hindustan Times, Hindustan and Mint. It also has four FM radio stations - Fever 104 in Delhi, Mumbai, Bengaluru and Kolkata and operates a job portal www.Shine.Com.

Shares of HT Media were trading 1.11% up at Rs 109.45 per scrip during afternoon trade on the BSE.