Media firm Jagran Prakashan Ltd today reported 16.89 per cent increase in consolidated net profit at Rs 57.76 crore for the first quarter ended June 30, 2013 against a net profit of Rs 49.41 crore during the same period of previous fiscal.

Company’s consolidated income from operations stood at Rs 413.06 crore in the April-June quarter, compared to Rs 368.50 crore during the same period last year.

Jagran Prakashan’s consolidated advertisement revenues increased 12.06 per cent to Rs 289.77 crores this quarter as against Rs 258.59 crores in the year-ago period.

“As far as company’s performance goes, I am satisfied and happy to report highest ever operating profit, which will improve further with the improved performance of other publications and businesses,” Mahendra Mohan Gupta, Chairman and Managing Director, Jagran Prakashan, said.

He further said that the current economic environment is adversely affecting the sentiments and not supporting the media and entertainment industry.

“We, therefore, do not expect the same rate of growth in Q2 of FY 2014 as we have witnessed in Q1 of FY 2014. But, for the year, we maintain our expectations of minimum 10 per cent growth in advertisement revenue and meeting our target given the satisfactory performance in Q1,” Gupta said.

Jagran Prakashan publishes 12 newspapers including its flagship brand “Dainik Jagran”. It has over 100 editions and 250 plus sub-editions from 35 different printing facilities across 15 states in 5 different languages.

The company’s shares closed at Rs 90.25 on the BSE, down 0.06 per cent from the previous close.

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