Deccan Chronicle posts Rs 100 crore loss for quarter

Hyderabad: Media house Deccan Chronicle Holdings today posted a loss of Rs 100 crore for the quarter ended 30 September, 2012.

The company had posted a profit-after-tax of Rs 21 crore for the same period last year.

Total income from operations fell by 63 per cent to Rs 149 crore for the quarter under review, compared to Rs 238 crore in the second quarter last year, DCHL said in a filing to the BSE.

[caption id="attachment_598098" align="alignright" width="380"] The company has been facing financial troubles since last year. AFP[/caption]For the full 2011-12 financial year, the company posted a loss of Rs 774 crore against profit after tax of Rs 163 crore for the previous fiscal.

Total income from operation for 2011-12 was at Rs 545 crore, down by 53 per cent over that in 2010-11, it said.

"Company's profits are largely dented by interest payment to various financial institutions," the filing said.

According to the filing, financial costs mounted to Rs 538 crore in FY12 against just Rs 59 crore in the previous fiscal.

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The company had not reported the financial results of 2011-12 and of the first two quarters of this fiscal.

The National Stock Exchange last week said that trading in shares of Deccan Chronicle Holdings on its platform will be suspended from 23 January, as the company failed to submit financial results and shareholding pattern data.

DCHL in the filing said that it has taken permission from the Registrar of Companies to extend the financial year up to 30 September, 2012.

For the April-June quarter of this fiscal, DCHL reported a loss of Rs 166 crore against Rs 12 profit after tax for the corresponding period previous year. Total income during the said quarter was recorded at Rs 150 crore, against Rs 213 crore during the first quarter of last year.

"Some of the lenders have initiated legal actions/Winding up petitions for recovery of loans at different forums and classified financial facilities as non-performing asset. The company has not made provision for the accrued and unpaid interest as the company is negotiating with the banks for restructuring of loans," DCHL said in the statement.

PTI