Deccan Chronicle Holdings Ltd has posted a loss of Rs 26.66 crore for the quarter ended June 30, 2013, against a loss of Rs 166.24 crore for the corresponding period last year.

The company’s income was down at Rs 91.20 crore for the June quarter against Rs 150.43 crore for the corresponding quarter last year.

While the last financial year was for an extended period of 18 months ended September 30, 2012, the current financial year of 2012-13 was considered for the nine months ended June 2013.

T. Vinayak Ravi Reddy, Vice-Chairman and Managing Director, in the filings stated that the company’s networth has eroded and has turned negative. It has become a sick industrial company.

For the financial year of 18 months ended June 30, 2012, the company had posted income of Rs 843.41 crore and a loss of Rs 1040.41 crore.

During the nine months fiscal ended June 30, 2013, the company income was at Rs 301.05 crore and loss of Rs 14.06 crore.

The Hyderabad-based media company and publisher of Deccan Chronicle English daily in a statement to the stock exchange said the promoters holding has come down from 73.83 per cent as on March 31, 2012, to 38.40 per cent as on September 30, 2012, and further to 32.66 per cent as on June 30, 2013.

The company has disputed the invocation of the pledge and appropriation of the value by the lenders.

The company mentioned that some of the lenders and creditors have filed petitions in various forums.

The management is taking necessary legal recourse. It is also facing probe by CBI, Registrar of Companies, IT Department and SEBI.

The company’s shares closed at Rs 2.25, down 0.44 per cent.

>rishikumar.vundi@thehindu.co.in

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