HT Media radio biz reports operating profit in Q2

MUMBAI: HT Media has reported its radio broadcast business made an operating profit of Rs 23.8 million in the second quarter ended 30 September against operating loss of Rs 45.4 million a year earlier, on a sharp rise in revenues.

In the first quarter, the radio business had reported operating profit of Rs 14.5 million, after reporting operating loss of Rs 43.8 million for the year ended 31 March.

HT Media said revenues from radio broadcast business in the second quarter rose 27 per cent to Rs 199 million from Rs 157 million a year earlier.

The company‘s profit after tax for the second quarter declined 24 per cent to Rs 333 million from Rs 438 million a year earlier due to rise in raw material and employee costs.

The cost of raw materials increased eight per cent to Rs 1.95 billion from Rs 1.8 billion while the company‘s employee cost rose 22 per cent to Rs 1.03 billion from Rs 849 million a year earlier.

The media company‘s Ebitda declined by 13 per cent to Rs 809 million from Rs 932 million.

The company‘s total income rose 5 per cent to Rs 5.3 billion in the second quarter from Rs 5.1 billion a year earlier.

HT Media‘s advertising revenue from print business declined one per cent to Rs 3.64 billion from Rs 3.69 billion a year earlier. The subscription income from print business increased 11 per cent to Rs 563 million from Rs 507 million.

Commenting on the results HT Media Chairperson and Editorial Director Shobhana Bhartia said: ?We continue to operate in a tough macro-economic environment, with advertising revenues across our print businesses facing headwinds. This, combined with persistent inflation in costs, has put pressure on our profitability for the quarter.?
HT Media‘s businesses include English daily Hindustan Times, business daily Mint and radio station Fever 104 FM.

The company said it had invested Rs 31 million in compulsorily convertible debentures of HT Digital during the quarter. Its earlier investment of Rs 0.6 million in compulsorily convertible debentures of Rs 100 each of HT Digital were converted into six million shares of Rs 10 each as per terms of the debentures.

It also revealed that it had invested Rs 25 million in HT Mobile by way of Inter Corporate Deposit out of which Rs 15 million was repaid during the quarter itself and invested another Rs 85 million in another subsidiary Firefly by way of Inter Corporate Deposit.