HT Media reported a net profit of Rs 5.7 crore for the quarter ended June 30, 2018 (Q1 FY19), steeply down with 86.2% from Rs 41.5 crore in the same quarter last year, and down 92.4% from Rs 75 crore in the previous quarter.
The ad revenues dipped 7% at Rs 390 crore in Q1 FY19, as compared to Rs 421 crore in the same quarter last fiscal year.
The decline in ad revenue had an impact on operating revenues for the quarter, which declined slightly, by 7% on a year-on-year (YoY) basis, to Rs 542 crore from Rs 583 crore.
In Q1 FY19, total expenses slightly decreased to Rs 560 crore on the y-o-y basis, but increased sequentially from Rs 523 crore in the previous quarter. However, employee benefit decreased to Rs 74.6 crore from Rs 97 crore in the previous quarter.
Digital revenues also declined by 46 %, at Rs 16.6 crore this quarter from Rs 30.8 crore in the same quarter last year. On a sequential basis, it remained flat as the digital revenues in the previous quarter stood at Rs 17 crore. The segment posted a loss of Rs 39 crore, as compared to a loss of Rs 28.4 crore in Q1 FY18 and a loss of Rs 20.4 crore in Q4 FY18.
The job portal Shine, HT Campus and Digital Quotient businesses comes under HT Media as its subsidiaries.
Though the print business still accounts for the majority of HT Media’s revenues, in Q1 FY19 revenue for the segment stood at Rs 477.7 crore, down 16 % from Rs 512.8 crore in the same quarter last year and Rs 493 crore in the previous quarter.
The segment posted a profit of Rs 48.3 crore for the quarter, down 36.4% from Rs 76 crore profit reported in Q1 FY18, and dip of 21.4% from the Rs 61.5 crore profit posted in the previous quarter.