HT Media registered a 10 per cent growth in net profit to Rs 37.72 crore in first quarter ended June 2008 from Rs 34.16 crore in the corresponding period of the previous year. The growth comes despite sharp increase in newsprint prices and investments in expansions.
During the period, the company’s revenues grew by 17 per cent to Rs 332.9 crore from Rs 283.7 crore in April-June quarter of 2007. Earning before interest depreciation taxes on amortisation went up by 13 per cent to Rs 74.5 crore during the period.
Commenting on the performance, Shobhana Bhartia, vice chairperson and editorial director, HT Media, said: “I am pleased to report strong financial performance despite the challenges of continuing high newsprint prices and our investments towards brand building and expanding our presence especially in the Hindi speaking geographies.”
The outlook for 2008-09 continues to be robust, striding on strong and growing presence of the company’s core business and momentum achieved by expanding portfolio of new initiatives.
Following the successful launch of shine.com, a job portal, in the current quarter and of the social networking website desimartini.com in the third quarter of last financial year, the company also plans to build real estate and matrimonial verticals in this segment through its subsidiary — Firefly e-Ventures Ltd.
Additionally, the company plans to expand and grow its social networking and jobs portals and also leverage its print business in these segments.