HT Media posts strong FY18 net profit despite drop in revenue

HT Media Ltd has reported a net profit much higher in FY18 than the previous year despite a drop in its revenues on the back of reduced costs across material, employees and other expenses.

For the full fiscal year 2017-18, HT Media’s revenue dropped 3.4% to Rs 2,591.68 crore in 2017-18 from Rs 2,681.55 crore in the previous year. The expenses reduced by 9.4% to Rs 2,150.99 crore from Rs 2,373.67 crore in 2017.

Despite increasing newsprint cost, HT has reported reduced material cost along with reduced costs on other heads that include employees and other expenses. As a result, the company has reported 81% jump in net profit to Rs 307.17 crore from Rs 170.25 crore in 2016-17.

For the quarter that ended on March 31, 2018, the consolidated net profit, including print, radio and multimedia segments, rose to Rs 75.04 crore from Rs 25.55 crore in the same period of the previous year. Unlike drop in annual revenue, the revenue for Q4 rose 1.8% to Rs 645.51 crore from Rs 634.14 crore.

On Tuesday, Hindustan Media Ventures Ltd (HMVL), the publisher of Hindi daily Hindustan, had reported that its profit fell by 13.2% in the three months that ended on March 31.

Net profit fell to Rs 40.32 crore in the fiscal fourth quarter from Rs 46.43 crore in the same period a year ago. Revenue fell by 13.7% to Rs 202.21 crore from Rs 234.29 crore.

For the full fiscal year, HMVL posted an 11.6% drop in net profit to Rs 171.22 crore, while revenue decreased 5.6% to Rs 880.10 crore.

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