HT Media Q2 net profit down 24% at Rs 33 cr
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HT Media today said its consolidated profit after tax (PAT) declined by 24.01 per cent to Rs 33.31 crore for the second quarter ended September 30, 2012, due to drop in advertising revenue.
The company had posted a net profit of Rs 43.84 crore for the same period of corresponding financial year, HT Media Ltd said in a filing to the BSE.
Net sales of the company, however, rose to Rs 500.93 crore for the second quarter, as against Rs 481.27 crore in the same period of 2011-12 fiscal.
Commenting on the results Hindustan Times 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."
For the six months ended September 30, 2012, the company posted a consolidated PAT of Rs 73.96 crore, compared to Rs 95.34 crore during the corresponding period of previous fiscal.
Shares HT Media today closed at Rs 95.10 on the BSE, down 0.99 per cent from their previous close.