Jagran Prakashan has released their first quarter earnings for FY16.
The company’s operating revenues stood at Rs 481.15 crore, up by 9.3 per cent from Rs 440.29 crore. Advertisement revenues stood at Rs 345.57 crore, up by 11.9 per cent from Rs 308.89 crore. Circulation revenues were reported at Rs 100.51 crore, up by 5.1 per cent from Rs 95.66 crore.
Other operating revenues stood at Rs 35.07 crore, down by 1.9 per cent due to lower revenue from outdoor advertising. The consolidated net profit (PAT) stood at Rs 179.97 crore, up by 226.4 per cent for Q1FY16.
According to the press release, Jagran Prakashan has completed the acquisition of Radio City which was consolidated from July 11 this year.
Commenting on the performance of the company, Mahendra Mohan Gupta, Chairman and Managing Director, JPL said, “Q1FY16 was eventful for more than one reason. The company not only completed the long awaited acquisition of Radio City but it also delivered the highest ever profit and probably the highest growth in advertisement revenue in the industry. This robust performance in an economically difficult time could be possible due to company’s ability to timely sense the inordinate delay in economic recovery and act accordingly.
Gupta further added, “From the first quarter itself, Radio City has started contributing to the company’s profits and I am confident that this acquisition is going to be hugely value accretive. Finally, even though the economy is not yet supporting the growth, the first quarter’s performance gives me the confidence that we will continue to grow and meet your expectations.”