Jagran Prakashan Ltd (JPL), the publisher of leading Hindi daily Dainik Jagran, today reported a 37.87 per cent decline in its consolidated profit after tax to Rs 44.87 crore for the second quarter ended on September 2018.
The company had posted a profit after tax of Rs 72.23 crore during the July-September quarter a year ago, Jagran Prakashan said in a BSE filing.
Total income during the quarter under review was at Rs 560.56 crore, down 3.19 per cent, as against Rs 579.08 crore of the corresponding quarter of the previous fiscal.
Commenting on the result, JPL Chairman and Managing Director M M Gupta said, "The quarter unexpectedly delivered disappointing results in spite of our best efforts such as taking the increase in cover prices wherever possible and keeping the cost under check."
He further said, "We could mitigate some impact of steep fall in revenues and an abnormal increase in newsprint prices but these efforts were not enough to maintain revenues and profits. However, Radio, Digital and Nai Dunia performed strongly in spite of shift of festive season to Q3."
JPL's total expenses were at Rs 490.23 crore as against Rs 469.32 crore, up 4.45 per cent.
Its advertisement revenue was at Rs 302.77 crore, down 7.06 per cent as against Rs 325.77 crore of the corresponding period.
Over the outlook, he said that the second half is expected to be better and should compensate some loss at the back of festive season and ensuing general elections.
"Going forward, some drop in newsprint prices is also expected which will improve the results for H2 further," Gupta said.
Meanwhile, in a separate filing, JPL informed BSE that its board in a meeting held on Wednesday has re-appointment Satish Chandra Mishra as whole time director of the company with effect from January, 2019 for the period of three years.
Shares of Jagran Prakashan Ltd today settled at Rs 111.85 on BSE, down 1.54 per cent.
(With inputs from agencies.)