HT Media Ltd reported a robust 61 per cent increase in its net profit for July-September period on the back of higher advertising revenues during the period as compared to same period a year ago.
The net profit of the company stood at R38.8 crore for the period from R24.1 crore a year ago. The net revenues for the quarter stood at R445.5 crore up 27 per cent.
“We are seeing a visible improvement in the macro environment, which, in turn, has translated into strong financial and operating performance for the quarter under review. Our growth is driven by an expanding readership base, strong product innovation and enhanced advertising revenues,” said Shobhana Bhartia, chairperson and editorial director, HT Media.
During the quarter the company clocked a 44 per cent increase in revenues from radio and entertainment business to R14.1 crore from 9.8 crore in the same period last year.
During the quarter company’s advertising revenues increased by 17 per cent to R329.4 crore from R282.1 crore a year ago.
“The results from the recent IRS Q2 2010 survey is a testimony to the strides made by the company to entrench its presence and reach in the English, Business and Hindi dailies,” Bhartia said.
“Overall, on the back of our focussed approach across all our key businesses, we believe that we are well positioned, to deliver healthy performance going forward,” she said.