Profits up 157pc to €5.8m at INM's Indian associate
Third quarter net profits at Independent News & Media's Indian associate, Jagran Prakashan Ltd, (JPL), rose 157pc to €5.8m.
Operating revenue for the three months to the end of December rose 9.6pc to €33m, while EBITDA for the quarter was 28.8pc compared to 14.5pc for the same quarter of the previous year.
Independent News & Media, has a 13.5pc shareholding in JPL, which publishes 'Dainik Jagran', India's largest read newspaper with over 54 million readers.
As part of its diversification strategy, JPL has been investing in the event and outdoor businesses with a view to and broadening its base.
In three months to the end of December, revenue at both businesses grew by €3.1m, registering an growth of 28.1pc over the corresponding quarter of the previous year.
During the quarter, three more editions of 'City Plus' were launched at Navi Mumbai, Bangalore and Pune.
And since quarter end, another edition was launched on January 9, 2010 at Hyderabad. 'City Plus' now has 21 editions.
The company's web portal, "Yahoo! Jagran" also continues to be the number one web portal across all Indian regional languages with more than one million unique users.
Mahendra Mohan Gupta, chairman and managing director, JPL, said that overall the performance in the third quarter was satisfactory.
"We expect improved performance in the coming quarters on the back of strong economic recovery. The event management activity has recorded turnover growth of 69pc and profit growth of 141pc.
"The company's focus on the internet without making a huge investment has continued.
"We have also successfully launched a blogging platform in addition to videos and breaking news tickers on its news portal, that continues to be the number one website across all Indian regional languages," he said.