Media and publishing group HT Media recorded Rs 12.06 crore in revenues from the digital segment for the quarter ended June 30, 2012. This marks a 41 per cent growth over the first quarter of the previous fiscal, even as revenues declined 10 per cent sequentially over the preceding quarter ended March 31. The company’s digital business includes job portal Shine.com, which competes with the likes of naukri.com among others and HTCampus.com.
Losses from the digital business was pegged at Rs 11.7 crore last quarter as against Rs 11.99 crore in Q1 of FY12, even though losses rose 44 per cent sequentially.
According to the company, Shine.com recorded 5 million ‘engaged candidates’ in Q1 – up from 2 million in Q1 last year and registered revenue growth of 62 per cent over the same period. The firm is in the process of demerging Shine.com from Firefly e-ventures Ltd and transferring that business to the parent company.
Meanwhile, HTCampus.com more than doubled its revenue and recorded break-even in operations last quarter. HT Mobile’s revenue rose 60 per cent to Rs 3.5 crore.
HT Media disclosed that last quarter it pumped in an additional Rs 50 lakh in HT Digital Media Holdings Ltd through compulsorily convertible debentures. This follows much larger cash infusion in the previous two quarters (Rs 4.2 crore in Q4 FY12 and Rs 9 crore in Q3 FY12).
HT Media, which publishes English daily Hindustan Times besides Hindi daily Hindustan and business daily Mint, as a whole reported total revenues of Rs 489 crore, down 1 per cent over the year-ago period. HT Media’s net profit declined 21 per cent over the year ago period, largely due to shrinking margins in the core printing and publishing business.
While radio & broadcast segment came out of the red sequentially, segment profit from radio business shrunk over 40 per cent over the year-ago period.
HT Media scrip slipped 3.5 per cent and was trading at Rs 91.6 a share on the BSE in a weak Mumbai market on Friday.
(Edited by Prem Udayabhanu)