Hindustan Media Ventures Ltd (HMVL), publisher of Hindi daily Hindustan and magazines Nandan and Kadambini, has announced a net profit of Rs 11.66 crore for the third quarter ended December 31, 2010.
In a statement issued, HMVL said, “The results for the quarter ended December 31, 2010, are not comparable with the results of quarter ended December 31, 2009.”
The company had acquired the Hindi publications from its holding company HT Media Ltd on December 1, 2009. exchange4media readers may recall that HMVL had launched an Initial Public Offer (IPO) in July last year, through which it raised around Rs 270 crore. During the quarter, HMVL launched its Hindi daily Hindustan in Gorakhpur (Uttar Pradesh).
For the corresponding three-month period of the previous year, the company’s net profit stood at Rs 4.33 crore.
HMVL’s net sales stood at Rs 130.22 crore during the quarter under review. It had recorded net sales of Rs 41.29 crore during the same period last year.