CyberMedia Q3 PAT up 20 p.c.

NEW DELHI, INDIA: Specialty media house CyberMedia has reported Rs 21.19 million in net profit for the third quarter of the financial year 2008, an increase of 19.98 per cent over the corresponding quarter a year ago.

The company had posted a profit after tax (PAT) of Rs. 17.66 million in Q3 FY 2007. The PAT of the firm for the nine months ended December 31 was Rs. 61.72 million, up 22 per cent posted for the December-ended nine months a fiscal year ago, CyberMedia informed the National Stock Exchange today.

During the reporting third quarter, the total income of the company increased by 4.24 per cent to Rs 292.91 million from Rs. 280.99 million, driven by a strong 50.28 per cent growth in media services.

The PBIT margin for media services was Rs. 16.43 million from Rs 8.32 million, an increase of 97.48 per cent.

The EBITDA reduced to 14.6 per cent, compared to the previous quarter figure of 15 per cent due to initial launch expenses of Dare and Halsbury’s Law magazines. Financial charges increased to Rs. 7.33 million from Rs. 4.18 million due to increase in borrowing rate and additional funding for new projects and working capital.

CyberMedia said there was an extraordinary expense item of Rs. 14.52 million. This represented the effect of revaluation of work in progress/inventories in one of its foreign subsidiaries.

For the nine months ended December 31, 2007, the total income of CyberMedia increased by 15.53 per cent to Rs. 850.43 million from Rs. 736.08 million, driven by strong 72 per cent growth in media services.

The PBIT margin for media services surged over 300 per cent (Rs. 18.55 million from a negative of Rs. 8.14 million). EBITDA continued to be stable at 15.5 per cent despite new launches. PBT maintained (Rs. 87.84 million from Rs 87.17 million) despite increase in financial charges to Rs. 20.90 million from Rs. 10.09 million.

The increase in financial charges was due to the increase in borrowing rate and additional funding for new projects and working capital, CyberMedia said.

During the reporting quarter, CyberMedia launched Dare, India’s first entrepreneurship magazine and Halsbury’s Law Monthly. Both were launched in October and received overwhelming response.

CyberMedia also launched ‘SME CEO’s Knowledge Series’, in association with ICICI Bank for the empowerment of SMEs, during the reporting quarter.

© CyberMedia News