HT Media reports Q4 net loss of Rs 21.08 cr

HT Media Friday reported consolidated net loss of Rs 21.08 crore for the fourth quarter ended March 31.

The company had posted a net profit of Rs 85.36 crore for January-March period of previous fiscal (2017-18).

The company's total income fell to Rs 620.97 crore for the fourth quarter of 2018-19, from Rs 644.7 crore in the same period previous fiscal.

Expenses during the period under review rose 20.36 per cent to Rs 633.84 crore as compared to Rs 526.61 crore in the year-ago period.

The sluggishness in the broader advertising environment due to muted advertisement (ad) spends by large corporate advertisers, coupled with high commodity prices weighed down its performance for the quarter, HT Media and Hindustan Media Ventures Chairperson and Editorial Director Shobhana Bhartia said.

"...although we did see some positive impact on the back of recent changes in pricing policy for government ads and an increase in local advertising," she added.

For fiscal 2018-19, consolidated net loss stood at Rs 26.91 crore as compared to net profit of Rs 352.08 crore in 2017-18.

Total income stood at Rs 2,435.52 crore in 2018-19 against Rs 2,580.62 crore in 2017-18.

The company informed that its board has recommended dividend of Rs 0.40 per equity share of Rs 2 each for the financial year ended March 31, 2019.

Shares of HT Media settled 0.79 per cent down at Rs 37.80 apiece on the BSE.