23rd Oct 2008 15:35
RNS Number : 5666G
Independent News & Media PLC
23 October 2008
INM’S INDIAN ASSOCIATE REPORTS REVENUES
FOR H1 ’08/’09 UP BY 14.4%
Ticker: (Bloomberg) INM.ID/ INM.LN and (Reuters) INME.I/ INME.L
Q2FY09 Results (all comparisons with Q2FY08)
·; Revenues of Rs 2.1 billion (€32.5m), up by 18.4% from Rs 1.8 billion
·; Advertising Revenues of Rs 1.4 billion (€21.8 m), up by 23.2% from Rs 1.2 billion
·; EBITDA of Rs 379.9 million (€5.8 m), down by 2.6% from Rs 390.1 million
·; PAT of Rs 227.0 million (€3.5 m), up by 3.1% from Rs 220.1 million
·; EPS (non annualised) of Rs 0.75, up by 3.1% from Rs 0.73
H1FY09 Results (all comparisons with H1FY08)
·; Revenues of Rs 4.3 billion (€65.2m), up by 14.4% from Rs 3.7 billion
·; Advertising Revenues of Rs 2.8 billion (€43.3m), up by 16.6% from Rs 2.4 billion
·; EBITDA of Rs 876.4 million (€13.4m), down by 3.2% from Rs 905.1 million
·; PAT of Rs 543.5million (€8.3m), down by 4.2% from Rs 567.2 million
·; EPS (non annualised) of Rs 1.80, down 4.2% from Rs 1.88
Dublin/London 23 October 2008: Jagran Prakashan Limited (‘JPL’) - publishers of ‘Dainik Jagran’, India’s largest daily newspaper, and in which INM has a 20.8% shareholding - reported revenues of Rs 2.1 billion (€32.5m) for Q2FY09 (ended 30 September 2008)*, an increase of 18.4% over the corresponding quarter of the previous year. The net profit for the quarter was Rs 227.0 million (€3.5m), while EPS was Rs 0.75, an increase of 3.1% over Q2 of FY 2008.
Advertising revenues from the publishing business have performed very strongly growing by 23.2%, while circulation revenues grew by 2.0%. The advertising growth was achieved by a combination of yield and volume increases, while the increase in circulation revenues was mainly driven by an increase in circulation volumes.
In Q2 FY09, revenue from other operating activities, which includes Outdoor Advertising, Event Management Activity and Mobile Information Services was Rs 133.6 million (€2.0m), an increase of approximately 9% over the corresponding quarter last year.
During the quarter, two more editions of City Plus were launched at Bangalore and Greater Noida, taking the total number of editions of City Plus to 12.
J9, JPL’s mobile information service-provider, successfully launched Khojle, a classified website portal which allows advertisers reach their target audience through a revolutionary, integrated internet and SMS platform.
Commenting on the performance of the company for the quarter ended 30September 2008, Mr. Mahendra Mohan Gupta, Chairman and Managing Director, JPL said:
“This was one of the most challenging quarters in recent years for the business in general and the newspaper industry in particular. Disturbing macro economic conditions coupled with negative sentiments had an adverse impact on national advertising, while prices of newsprint also peaked in this quarter. However, steps taken to minimize the impact of increasing newsprint costs, tight cost control, the continued support of local advertising and the efficient management of funds helped the company improve on the corresponding quarter of the last fiscal year.
“Notwithstanding the current economic scenario, I have tremendous faith in the Indian economy and I continue to be bullish about the newspaper industry. After some time, I can see some positives viz. the proactive approach taken by the government to improve liquidity and the softening of high interest rates, falling inflation and the drop in the price of commodities and crude oil, while consumer spending remains intact - which cumulatively are capable of once again lifting morale and the Indian economy.
“With falling domestic newsprint prices (from current quarter) and on the expectation of a more conducive economic environment, I expect a better second half for the company.”
* JPL’s financial year - end is 31 March.
ENDS 23 October 2008
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Media
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Investors and Analysts
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About Jagran Prakashan Limited
Jagran Prakashan Limited is a leading media house of India, which publishes Dainik Jagran, India’s largest read daily with a total readership of 56.6 million readers (IRS 2008 R1). It was also voted the most credible and trusted newspaper in India, according to a survey by Globscan, conducted in 10 of the world's leading countries, including the US, UK, Germany and Russia.
Established in 1942, Dainik Jagran was the brainchild of the Indian Freedom fighter, Late Shri Puran Chandra Gupta. Dainik Jagran is now published in 37 editions across 11 states from 30 different facilities. The company also launched I-next, the first ever bilingual newspaper in the country in December 2006, which is now published in 9 editions. The company also has an English Infortainment paper called City Plus, which is now published in 12 editions. The company publishes Sakhi, a monthly magazine targeted at women. The company also publishes Jagran Varshiki, an annual general knowledge digest, and various national and state statistical compilations.
Jagran Engage provides specialized ‘Out of Home’ advertising services, with a pan-India footprint. Jagran Solutions provides below the line activities like promotional marketing, event management and on ground activities having pan India presence. The company’s has a Hindi news portal in association with Yahoo India, www.jagran.yahoo.in while J9 provides IVR/AVR/SMS services through its short code service 57272.
ABOUT INDEPENDENT NEWS & MEDIA PLC
– CORPORATE PROFILE –
INM is a leading international newspaper and communications group, with its main interests in Australia, India, Ireland, New Zealand, South Africa and the United Kingdom. Spanning four continents, 10 major markets and 22 individual countries, INM has market-leading newspaper positions in Australia (regional), India, Indonesia, Ireland, New Zealand and South Africa. In the United Kingdom, it publishes the flagship national title, The Independent, as well as being the largest newspaper group in Northern Ireland.
Across these regions, the Group publishes over 200 newspaper and magazine titles, delivering a combined weekly circulation of 33 million copies, with a weekly audience of over 100 million consumers and includes the world’s largest read newspaper, Dainik Jagran, in India. The Group has established a strong and growing online presence, with over 100 editorial, classified and transactional sites.
INM is the largest radio operator – over 130 stations and an audience of almost six million people – and outdoor advertising operator in Australasia and also has leading outdoor advertising positions in Hong Kong, Malaysia, India, Indonesia and across Africa.
The Group has grown consistently over the last 15 years by building a geographically unique and diverse portfolio of market-leading brands, and today manages gross assets of €4.4 billion, revenue of €1.9 billion and employs approximately 10,100 people worldwide. Further information is available on the Group’s website www.inmplc.com.
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