HMVL posts revenue of ₹262 cr in June quarter

NEW DELHI: Hindu stan Media Ventures Ltd (HMVL), publisher of Hindi daily Hindustan, on Monday reported a marginal increase in revenue for the three months ended 30 June as income from advertising stayed flat in a sluggish economic environment.

“However, the expectation is that sentiment will improve in the second half of the year, resulting in an increase in advertising spends,” HMVL chairperson Shobhana Bhartia said in a statement .“Once advertising revenue improves, our margin growth will be significant, given the wide-ranging cost management initiatives we have undertaken .”

HMVL’s revenue increased 1% to ₹262 crore in the June quarter from a year ago. Advertising revenue was little changed at ₹177 crore, while circulation revenue dropped 2.5% to ₹55 crore.

Net profit fell to ₹45 cr ore in the quarter from ₹49 cr ore a year ago, said HMVL, a unit of HT Media Ltd, which publishes Mint and Hindustan Times.

Other revenue rose 16.9%, primarily led by interest income.

Earnings before interest, taxes, depreciation and amortization( Eb itda ), an indicator of operating profitability, declined 1.3% to ₹76 crore in the quarter from ₹77 crore a year ago.