HT Media Q2 net up 19 pc, more expansion | business | Hindustan Times
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HT Media Q2 net up 19 pc, more expansion

HT Media Ltd registers a 19% jump in net profit to Rs 31.9 cr in the second quarter ending Sept 2007, reports Arun Kumar.

business Updated: Oct 26, 2007 23:00 IST
Arun Kumar

HT Media Ltd, publisher of

Hindustan Times

and

Mint

, has registered a 19 per cent jump in net profit to Rs 31.9 crore in the second quarter ending September 2007 from Rs 26.9 crore in the corresponding period of the previous year. Revenues increased by 12 per cent to Rs 289.5 crore in the quarter from Rs 257.5 crore a year ago.



The company in a statement on Friday announced plans to expand its Fever 104 FM radio channel and launch Internet properties to address advertising opportunities in jobs, real estate and matrimonials through it subsidiary, Firefly e-Ventures Ltd. It said it was also in the process of acquiring a social networking site.



HT Media’s operating profit rose 17 per cent to Rs 66.5 crore from Rs 56.6 crore over the period, when ad revenues increased by 14 per cent.



The company’s performance is expected to be robust for 2007-08 on the back of an expected buoyancy in ad revenue during the second half of the year and cost efficiencies coming through newsprint cost reduction and a stronger rupee, HT Media said.



Shobhana Bhartia, Vice Chairperson and Editorial Director, HT Media, described the performance as encouraging and was confident of delivering “very robust revenue and profit growth.”



“We have delivered a healthy growth both in revenue and profit despite higher brand spends and continued investments in new business initiatives,” she said.



Mint

, our newly launched business daily, has in a short period of time established itself as a formidable brand in the market,” she said.



After the successful launch of

Mint

in Delhi and Mumbai, the company plans to expand its geographical presence by introducing the paper in Bangalore during the third quarter and follow it up with other key cities in near future.