HT Media today reported a decline of 16.01 percent in its consolidated net profit to Rs 30.93 crore for the quarter ended on September 30, 2016.
The company had posted a net profit of Rs 36.83 crore in the July-September period of the previous fiscal, HT Media said in a BSE filing.
HT Media's net sales during the period under review were up marginally 0.14 percent at Rs 596.15 crore as against Rs 595.30 crore in the corresponding quarter of previous fiscal.
Commenting on the results, HT Media Chairperson and Editorial Director Shobhana Bhartia said: "Our revenue growth in the quarter was flat, reflecting overall weakness in print media, especially English language publications. The high base effect of 2015's Bihar elections on the Hindi business further depressed revenue growth." Total expenses were up 3.55 percent to Rs 582.14 crore as against Rs 562.13 crore.
"Advertising revenue de-grew by 2 percent; circulation revenues grew by 2.4 percent versus last year," the company said.
In the first half of 2016-17, consolidated net profit was down 13.39 percent to Rs 53.34 crore as against Rs 61.59 crore in the year ago period.
HT Media's net sales in the first half of the current fiscal were up 2.26 percent at Rs 1,205.44 crore as against Rs 1,178.71 crore in the same period last year.
Commenting over outlook, Bhartia said: "We are looking forward to a better second half, powered by the festive season, a good monsoon, implementation of the Seventh Pay Commission's recommendations, and the upcoming elections in Uttar Pradesh." Shares of HT Media ended 7.23 percent down at Rs 85.95 on BSE.
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