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HT Media Q2 revenues up 30 per cent

HT Media Ltd, publishers of Hindustan Times, reports an increase of 30 pc in revenues during Q2 to Rs 257.5 crores.
None | By, New Delhi
UPDATED ON OCT 25, 2006 03:58 PM IST

HT Media Limited on Thursday announced its financial results for the quarter-and-half-year ended on September 30.

The company has reported an increase of 30 per cent in revenues for the July-September quarter to Rs. 257.5 crores, compared to the corresponding quarter last year, driven primarily by contributions from its Mumbai operations and Hindi business.

HT Media had launched its Mumbai operations in July 2005, swiftly gaining a strong foothold in the country's largest media market. The company has also launched three new Hindi editions since March this year.

Enhanced operating efficiencies and robust advertising revenue growth resulted in a 109 per cent improvement in operating profits (EBITDA) for the quarter, which increased to Rs 55.3 crores. The operating (EBITDA) margin for the quarter improved to 21 per cent from 13 per cent last year.

Pre-tax profits recorded a substantial increase from Rs 13 crores last year to Rs 41.9 crores in during the quarter.

Profit-after-taxes for the quarter under review, when compared with corresponding period last year, more than trebled to Rs 26.9 crores, up from Rs 8 crores, translating into an EPS (non-annualized) of Rs 5.74.

Commenting on the performance for the quarter, Shobhana Bhartia, Vice
Chairperson and Editorial Director, HT Media, said: "Our performance during the quarter continues to be encouraging. Our Mumbai edition continues to perform well and we are now one of the country's largest players in the Hindi segment.

"During the quarter we entered into an agreement with The Wall Street Journal, which will enable us create a world-class newspaper in India and emphasise our desire to offer a business newspaper to Indian readers at a time when India has become a global player in numerous industries. We also entered into a joint venture with the Times of India Group that will help us establish a new and vibrant newspaper in Delhi.

"Going forward, we will continue to maintain a robust revenue growth and expect our new ventures to contribute significantly to our revenues."

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