HT Media Ltd on Monday said it will invest Rs 385 million to fund its various expansion plans, including the launch of a business newspaper, the Press Trust of India has reported. New Delhi-based HT Media, which publishes the Hindustan Times English daily, said the money would be used for initial investments in the launch of a business newspaper, expansion for a Hindi newspaper in Madhya Pradesh and the reorganisation of its Internet operations.
The company will provide an interest bearing loan of Rs 300 million to its subsidiary, HT Music & Entertainment Company Ltd, the company said. The board has also approved the appointment of Priyavrat Bhartia as a whole time director of the company with effect from February 1, 2006.
HT Media has also announced its third quarter results. The company's Q3 net profit is up at Rs 160 million from Rs 80.1 million QoQ. Its Q3 net sales are up 13.8 per cent at Rs 2,211 million from Rs 1942 million QoQ, CNN-IBN reports. The revenues are higher by 38 per cent at Rs 2258 million in the third quarter this fiscal from Rs 1640 million in the year-ago period.
The company has attributed its performance to extended readership and circulation of its newspapers, which resulted in more sales to national advertisers at better rates. Mumbai operations have delivered a strong performance with extremely positive response to the launch of HT Mumbai. Operating profit rose 81 per cent during the third quarter ended December 2005 to Rs 408 million from Rs 225 million in the third quarter ended December 2004.
