HT Media net profit down 79 percent

January 20th, 2009 - 8:16 pm ICT by IANS  

Mumbai, Jan 20 (IANS) HT Media, which publishes leading dailies like Hindustan Times and Mint, Tuesday reported a sharp drop of 79 percent in its net profit during the third quarter of this fiscal.In a regulatory filing, the company said its net profits fell to Rs.78 million for the third quarter of this fiscal from Rs.369 million for the corresponding period the previous fiscal.

Earnings before income tax, depreciation and amortization (Ebitda) slipped to Rs.503 million from Rs.681 million, a fall of 26 percent, for the third quarter this fiscal compared to that in the corresponding period last fiscal.

The decrease in profits was attributed to cost pressures and slowdown in the economy.

Total revenues increased by five percent to Rs.3,371 million from Rs.3,219 million.

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