New Delhi: Hurt by higher expenses and lower other income, HT Media Ltd on Wednesday reported 23.63 per cent fall in consolidated net profit to Rs 24.95 crore for the first quarter ended June 30.
The company had posted net profit of Rs 32.67 crore in the April-June quarter of the 2014-15 fiscal.
Net sales during the quarter under review went up by 7.79 per cent to Rs 582.63 crore from Rs 540.51 crore a year-ago, the company said in a BSE filing.
HT Media's total expenses in the first quarter were at Rs 553.1 crore up 8.07 per cent as against Rs 511.76 crore in the same quarter a year ago.
HT Media Chairperson and Editorial Director Shobhana Bhartia said: "The year started well for us although economic growth is still slow and there are mixed signals on account of global macroeconomic concerns.
"Our English dailies saw volume-led growth across markets. Hindustan maintained its upward growth trajectory, driven by our investments in both UP and Bihar."
Bhartia further said: "Our digital assets are increasingly gaining a foothold in their markets. The radio business continues to be profitable and we aim to add to our portfolio of stations in Phase-III auctions."
During the quarter under review HT Media's other income stood at Rs 28.09 crore as against Rs 39.45 crore last year.
HT Media's advertising revenue increased by 5 per cent to Rs 467.5 crore in April-June 2015-16, from Rs 445.4 crore in the same period last year. The circulation revenue increased by 6.3 per cent to Rs 72.9 crore during the quarter compared with Rs 68.6 crore in the year-ago period.
Shares of HT Media closed at Rs 91.45 apiece, down 8.18 per cent on BSE.
