HT Media Ltd has reported a 44 percent drop in its standalone net profit at Rs 23.43 crore for the quarter ended March 31, 2009 from Rs 41.59 crore in the corresponding quarter last year. This fall has been attributed to higher newsprint prices, slow growth in advertising revenues and adverse foreign currency movements, among others.
However, total income was up 6 percent to Rs 343.91 crore from Rs 326.66 crore. Advertising revenue of the publishing segment also saw an increase of 5 percent to Rs 279.7 crore on Q4 FY09 as against Rs 265.5 crore in Q4 FY08.
Meanwhile, at a meeting of the Board of Directors on May 18, 2009, a dividend of 15 percent was recommended translating to Rs 0.30 per equity share of face value Rs 2.
Commenting on the Q4 results, Shobhana Bhartia, Chairperson and Editorial Director, HT Media Ltd, said, “I am please to report an encouraging financial performance despite the challenges in the macro environment. While our current operations have turned out steady results, our investments in new initiatives will ensure that we maintain our growth going forward.”