DC cumulative losses at Rs 1,040 cr

DC cumulative losses at Rs 1,040 cr

Deccan Chronicle Holdings Ltd (DCHL), publishers of three English and one Telugu newspaper, reported accumulated losses of Rs 1,040 crore for the 18-month period ended September 30, 2012, including loss of Rs 100 crore for the quarter ended September 30, 2012, according to regulatory filings with BSE.

The financial results for the two quarters ending June and September 2012 respectively were filed on Monday, two days before the suspension of trading of its shares on the NSE was to take effect. The NSE issued a circular on January 16 that trading in DCHL shares will be suspended with effect from January 23 for its failure “to respond satisfactorily to the notice for non-compliance with the provisions of listing agreement”, referring to declaration of quarterly results and data on shareholding pattern.   

The September 2012 quarter loss was Rs 100 crore, while the June quarter loss was Rs 166 crore. For the quarters ending September 2011 and June 2011, it had reported profits of Rs 21 crore and Rs 12 crore respectively.

During the two quarters ending September and June 2012, DCHL reported revenues of Rs 149 crore and Rs 150 crore, down from Rs 238 crore for September 2011 quarter and Rs 212 for June 2011 quarter.

DCHL debt stood at Rs 3,987.50 as on September 30, 2012, some of the lenders have already classified their exposure to DCHL as non-perfoming asset. Axis Bank declared its approximately Rs 400 crore exposure to DCHL as non performing asset on October 16 last year.