HT Media Q3 net down 5% to Rs 64 cr

HT Media today reported 4.55% decline in its consolidated net profit at Rs 63.97 crore for the third quarter ended December 31, 2014.

The company had posted a consolidated net profit of Rs 67.02 crore in the corresponding period a year ago.

Total consolidated net sales during the October-December quarter, however, increased 4.95% to Rs 601.46 crore as against Rs 573.04 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 happy to report revenue growth across all our core businesses on the back of higher advertising in the festive season".

HT Media's circulation has increased in the Hindi belt and strengthened its position in Uttar Pradesh and Bihar with Mumbai growing steadily, she added.

On the outlook, Bhartia said that raw material costs show a downward trend and "we will benefit from the same in the coming quarters".

"The announcement of Phase III expansion in FM Radio is a positive development and we believe we will be able to add to our portfolio of stations. We expect to close the year on a strong note and carry the momentum into the next year. The company is well positioned to seize any opportunity that comes its way," she added.

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. It also publishes two Hindi magazines Nandan and Kadambini.

Shares of HT Media were trading 2.29% down at Rs 132.30 per scrip during late afternoon trade on the BSE.