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HT Media Internet Revenues At Rs. 20 M For Q1-11; School On Web

For the quarter ended June 2010, HT Media's Internet business Firefly eVentures (under which are jobs classifieds site Shine.com and social networking portal DesiMartini.com) has experienced a 30% fall in revenues to Rs. 20 million from Rs. 28.6 million in the previous quarter. The segment's EBITDA losses have reduced year on year to Rs. 87.4 million, but are again up sequentially. The sequential decline in performance is understandable: Firefly business is dominated by the Shine.com, and job classifieds tend to do well in Q4, as HR departments spend the remainder of their hiring budgets. Shine.com crossed 5 million registered users in the quarter. Mint forayed into Gujarat with the launch in Ahmedabad on July 13. HT Media's annual report for the full year ended March 31st 2010 also has details of the financial performance of three digital businesses of HT Media: Firefly, HT Mobile (in which HT Media owns 65%) and their holding company HT Digital. During the year, Firefly faced a challenge from a petition from creditors, in the form of a winding up petition, alleging non-payment of certain dues. The matter was settled. While we've reported the details for Firefly e-Ventures before, it's interesting to note that HT Mobile, the joint venture between Velti Plc and HT Media, reported a turnover of Rs. 11.93 million, and a loss after tax of Rs. 16.92 million. Download: Release | Financials | Presentation | FY10 Annual Report School On Web HT Media bought a 23% stake in School On Web Pvt Ltd for Rs. 25…

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