HT Media, the owner of national daily Hindustan Times, reported a consolidated net loss of 218.9 million rupees ($2.65 million) for the three months ended Dec. 31, compared to a profit of 448.8 million rupees a year earlier. HT Media's print vertical, which accounts for about 80% of total revenue, saw its ad revenue drop 12% to 2.84 billion rupees, while higher newsprint prices due to inflation also hit results. The New Delhi-based company's total expenses rose 17.8% to 5.18 billion rupees, with the cost of materials consumed jumping 29%. The company, which also owns the Mint newspaper, said its revenue from operations contracted 5.5% to 4.4 billion rupees. Earlier this month, DB Corp Ltd (DBCL.NS), which publishes Dainik Bhasker, reported a 44.2% fall in quarterly profit due to high newsprint prices.

Source: Hindustan Times February 14, 2023 21:55 UTC