HT Media posts Rs18.4 crore net profit for Q3 FY10
19 Jan 2010
HT Media Ltd on Monday said its Oct-Dec net was up on higher advertising revenues and circulation. The company said it would focus on regional language publications as rural economy drives growth.
HT Media's net profit more than doubled to Rs18.4 crore in the Oct-Dec quarter from Rs7.82 crore, but was lower than the Rs40.1 crore estimated by analysts.
According to analysts the results were below expectations and growth was mainly confined to its Hindi business with English publications not doing very well. They add that there was saturation in the English segment.
According to HT Media lower newsprint cost coupled with the impact of cost-cutting measures including lesser pages, lower overhead expenses and downsizing, boosted revenues.
The company demerged its regional language business, which included its Hindi language daily Hindustan and Hindi magazines Nandan and Kadambini, during the quarter for Rs140 crore.
"The demerger will bring greater focus to the Hindi business and help investors track the growth of Hindi business in line with expansion in the rural economy," HT media said.
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