HT Media reported net profits of Rs 66 crore despite a decline in advertising revenue for the quarter ended September 30, 2017 (Q2 FY18), up 113% from Rs 31 crore in the same quarter last year, and up 58.8% from Rs 41.55 crore in the previous quarter. The decline in ad revenue did, however, have an impact on operating revenues for the quarter, which declined 7% on a year-on-year (YoY) basis to Rs 561 crore from Rs 602 crore. This oddity - significant increase in net profit despite decline in ad revenue - is partly because the company continues to reduce its expenses every quarter. In Q2 FY18, total expenses stood at Rs 507.6 crore, as compared to Rs 606.7 crore in the same quarter last year and Rs 570.5 crore in the previous quarter. The reduction in overall expenses also includes cutbacks on 'Employee benefits expense', which stood at Rs 121.8 crore for the quarter, as opposed to Rs 152.7 crore spent in Q2 FY17 and Rs 131.2 crore spent in Q1 FY18. Earlier this year, HT Media had an unknown number of layoffs and pulled shutters on four editions and three bureaus, including its business bureau in Mumbai and Delhi. Note that HT Media's chairperson and editorial director, Shobhana Bhartia said that “Advertising revenue growth continues to be a challenge in our core Print business, with this quarter witnessing high level of uncertainty across industries on account of GST implementation. Our radio business continues to do well. New radio stations are generating…
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