Jagran Prakashan's Q2 FY14 net slides 27.9% to Rs 45.57 cr
Q2 FY14 was on expected lines, except that the net profit was again reduced by further depreciation in the Rupee, says Mahendra Mohan Gupta, CMD, Jagran Prakashan
Jagran Prakashan has reported operating revenues at Rs 413.73 crore in Q2 FY14, up 10.27 per cent from Rs 375.20 crore in the corresponding quarter in the previous fiscal.
Advertising revenues for the second quarter ending September 30, 2013 were up 9.87 per cent at Rs 284.21 crore as against Rs 258.69 crore in Q2 FY13.
Circulation revenues for Q2 FY4 stood at Rs 89.92 crore, up 14.77 per cent from Rs 78.35 crore in the second quarter of the previous fiscal.
Profit after tax stood at Rs 45.57 crore in Q2 FY14, as compared to Rs 62.76 crore in Q2 FY13.
Commenting on the group’s Q2 FY14 performance, Mahendra Mohan Gupta, Chairman and Managing Director, Jagran Prakashan said, “Q2 FY14 was on expected lines, except that the net profit was again reduced by further depreciation in the Rupee. After eliminating the impact of exchange fluctuation, profit before tax for Q2 FY14 was Rs 69.51 crore as against Rs 54.30 crore in the corresponding quarter of the previous year.”
He further said, “Nai Dunia, Mid Day, Punjabi Jagran and I-Next have reduced their net losses significantly at the back of increased advertisement revenues as well as cost control. The overall economy is still not showing signs of recovery, and with the metros continuing to suffer the worst, Mid Day is finding it hard to increase its advertising revenues.”
“The performance of the digital business was pleasing. Other businesses of the company also performed satisfactorily, although these businesses are yet to post desired profits,” he added.
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