HT Media net profit declines by 86 per cent in Q1 FY19
The company’s revenue dropped by 7 per cent at Rs 542.3 crore
Published - Jul 19, 2018 8:55 AM Updated: Jul 19, 2018 8:55 AM
HT Media Ltd reported a drop of 86 per cent in net profit at Rs 5.7 crore in the first quarter of the financial year 2019, as compared to the same quarter last year which recorded Rs 41.1 crore.
The company’s revenue dropped by 7 per cent at Rs 542.3 crore, against Rs 583.9 crore on the YoY basis, and EBITDA fell 49 per cent to Rs 36 crore.
In the last quarter i.e Q4 FY 18, HT Media reported a significant rise in its consolidated net profit at Rs 75.04 crore for the quarter ended March 31. Also, the employee benefits expense for the current quarter is lower than that of the previous quarter, primarily on account of the write-back of provisions created in prior years, which are no longer required.
According to the financial statement, during the quarter, the company has made an investment of Rs 302 crore in the Equity Shares of HT Music & Entertainment Limited (a subsidiary company), out of which shares for Rs 300 crore are yet to be allotted. Also, Rs 6.8 crore was invested in Equity Shares of HT Overseas Pte. Limited. Allotment of these shares was made on July 13, 2018.
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