The Hindu Business Line : HT Media net trebles in Q3

HT Media Ltd has recorded a net profit of Rs 16.3 crore for the quarter ended December 2005 compared to Rs 4.5 crore for the corresponding quarter last fiscal. The revenues grew by 38 per cent at Rs 225.8 crore in the third quarter of this fiscal, up from Rs 164 crore in the year-ago period.

Net profit for the first nine months of the current fiscal increased 88 per cent to Rs 34.1 crore (Rs 18.2 crore). For the same period, the revenue was Rs 610.1 crore, up 28 per cent from Rs 475.7 crore during last fiscal.

In a statement to the stock exchanges, the company has attributed its performance to extended readership and circulation of its newspapers, which resulted in more sales to national advertisers at better rates. Mumbai operations have delivered a strong performance with positive response to HT Mumbai launch, it said.

New launch: The board of directors of HT Media has approved a capital expansion of Rs 38.5 crore to fund its plans for launching a business paper, expansion plans for Hindi newspaper in Madhya Pradesh and re-organisation of the company's Internet operations. It has also accorded approval for an interest-bearing loan of Rs 30 crore to its subsidiary, HT Music and Entertainment Company Ltd.

The board also gave its nod for appointment of Mr Priyavrat Bhartia as a wholetime Director of the company with effect from February 1.

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