India's HT Media reports second-quarter loss as newsprint costs surge

HT Media

07/11/2022 07:48

BENGALURU, Nov 7 (Reuters) - India's HT Media Ltd
 HTML.NS  reported a second-quarter loss on Monday, dragged by
higher costs of newsprint.
    Consolidated net loss for the three months ended Sept. 30
came at 1.56 billion rupees ($18.97 million), compared with a
profit of 232.3 million rupees a year earlier, the New
Delhi-based media company said in an exchange filing.
     The print business has been harmed by rising newsprint
prices, which have taken the brunt of high inflation brought on
by the Russia-Ukraine conflict, despite some companies raising
their advertising expenditures as the economy reopened.
    "Profitability of the print business was significantly
impacted by elevated newsprint rates. We are seeing signs of
pressure easing on this front, although the benefit of this will
flow only in later quarters," said Chairperson Shobhana Bhartia.
    The mass media conglomerate that owns English daily
Hindustan Times, business newspaper Mint, and popular radio
brand Fever FM in its porfolio, said cost of materials consumed
climbed 71.2% for the reported quarter.
    Total expenses rose nearly 26.6% to 5.14 million rupees.  
    Peer Jagran Prakashan  JAGP.NS  posted a 16.6% fall in its
second-quarter profit on Friday on higher input costs.
 urn:newsml:reuters.com:*:nL4N3202Z0
    HT Media shares jumped around 10.7% in the quarter
    Revenue from operations rose 10.7% to 4.09 billion rupees in
the current quarter.
($1 = 82.2200 Indian rupees)
 (Reporting by Yagnoseni Das in Bengaluru; Editing by Rashmi
Aich)
 ((Yagnoseni.Das@thomsonreuters.com; Mobile: +91 6001289066))