HT Media reported a net profit of Rs 124 crore despite muted advertising revenue for the quarter ended December 31, 2017 (Q3 FY18), up 36% from Rs 91 crore in the same quarter last year, and up 87% from Rs 66 crore in the previous quarter. The decline in ad revenue did, however, have an impact on operating revenues for the quarter, which declined 4% on a year-on-year (YoY) basis to Rs 625 crore from Rs 650 crore. This significant increase in net profit is partly because the company continues to reduce its expenses every quarter. In Q3 FY18, total expenses stood at Rs 541 crore, as compared to Rs 595 crore in the same quarter last year. The reduction in overall expenses also includes cutbacks on ‘Employee benefits expense’, which stood at Rs 130 crore for the quarter, as opposed to Rs 145 crore spent in Q3 FY17 and Rs 122 crore spent in Q2 FY18. The company also attributes the increase in profit to sale of property of Rs 31 crore, and calls it 'one time benefit from profit'. Note that the previous year was tumultuous for HT Media as it pulled shutters on four editions and three bureaus, including its business bureau in Mumbai and Delhi, laying off an unknown number of journalists. Many estimate that 150 journalists were forced to resign from the company. However, in November, it said that it is done with its 'cost-optimization' in its print editions. HT Media’s chairperson and editorial director, Shobhana Bhartia said in…
