New Delhi: Hindustan Media Ventures Ltd (HMVL) on Tuesday reported 23.11 per cent increase in standalone net profit at Rs 41.71 crore for the first quarter ended June 30, 2015, helped by higher advertising revenue.
The company had posted a standalone net profit of Rs 33.88 crore in the same quarter of 2014-15, Hindustan Media Ventures Ltd (HMVL) said in a filing to the BSE.
Net sales during the quarter increased by 6.93 per cent to Rs 221.51 crore from Rs 207.14 crore in the year-ago period.
Commenting on the results, HMVL Chairperson Shobhana Bhartia said: "The quarter's performance was according to plan, and we saw a healthy growth in operating revenue and profits.
"Our operations in Uttar Pradesh and Uttarakhand continue to drive growth in advertising and profitability. And we have further strengthened our dominant leadership positions in Bihar and Jharkhand despite a higher intensity of competition."
The advertising revenue increased by 6.9 per cent to Rs 166.2 crore in April-June 2015-16, from Rs 155.5 crore in the same period last year. The circulation revenue increased by 8.3 per cent to Rs 53.4 crore during the quarter compared to Rs 49.3 crore in the year-ago period.
During the three months ended June 30, total expenses stood at Rs 174.72 crore compared with Rs
173.32 crore a year earlier, it added.
HMVL is in the business of printing and publication of newspapers and periodicals, including popular Hindi daily Hindustan.
Shares of HMVL closed at Rs 252.70 apiece, up 5.51 per cent from previous close on BSE.
