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HT Media reports Rs 21 cr loss for Q2

HT Media on Monday reported a consolidated net loss of Rs 21.48 crore for the quarter ended September 30, 2019-20.

The company had reported a loss of Rs 44.33 crore in the year-ago period.

Total income however rose to Rs 580.02 crore as compared with Rs 570.97 crore in the same period of the previous fiscal, HT Media said in a regulatory filing.

"Slowing economic growth has hit advertising spends in key categories, putting pressure on revenues across the media industry. As a result, our Print and Radio (on like-to-like basis) businesses saw revenues dip as compared to a year-ago," HT Media & Hindustan Media Ventures Chairperson and Editorial Director Shobhana Bhartia said.

However, thanks to lower commodity prices and a tight control on costs, the company saw an improvement in its operating profit, she added.

"Our outlook for the coming quarter remains cautious, given overall economic sentiment and macroeconomic trends. Cost-control and falling commodity prices should help protect our margins," Bhartia said.

Shares of HT Media were trading 3.92 per cent down at Rs 18.40 apiece on the BSE.