HT Media Ltd, the company that publishes Hindustan Times, on Tuesday reported a 106 per cent jump in net profit to Rs. 33.6 crore in the third quarter that ended December 2006, from Rs 16.3 crore in the corresponding period of the previous year. During the period, revenues increased by 27 per cent to Rs. 290.1 crore, up from Rs 227.94 crore a year ago.
Leveraging its expanding national footprint combined with robust advertisment revenue growth and enhanced operating efficiencies, HT Media’s operating profit increased by 57 per cent to Rs. 64 crore. Earning before interest, taxes, depreciation and amortization (excluding a one-time expenditure on the development of a forthcoming business newspaper) improved by 68 per cent to Rs 68.6 crore from Rs 40.8 crore in the corresponding period of the previous year, HT Media said in a statement.
The operating margin for the quarter improved to 22 per cent from 18 per cent last year. The company has also expanded its Hindi business presence over the year with the launch of three new editions in Agra, Kanpur and Meerut.
“Our strong business performance is a result of healthy growth of our continuing operations combined with some exciting new introductions and launches," Shobhana Bhartia, vice-chairperson and editorial director, said.
"During the quarter we restaged our Mumbai edition, the response to which has been encouraging. We have also successfully launched our radio channel Fever 104 in the Delhi and Mumbai markets. We will continue to complement our growth by introducing new products and investing in expanding our presence across the media segment.”
In the nine months to December, revenues of the company increased by 30 per cent to Rs 795.5 crore from Rs 611.7 crore a year ago. During the period, net profit jumped by 167 per cent to Rs 91.1 crore as against Rs 34.1 crore.