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Deccan Chronicle Holdings Ltd has slipped into the red posting a loss of Rs 100.05 crore for the second quarter ended July-September 30, 2012 as against a profit of Rs 21.09 crore for the corresponding quarter the previous year.
The company revenues were down significantly at Rs 149.16 crore (Rs 238.24 crore).
It closed the extended financial year of 18 months ended September 30, 2012 with a loss of Rs 1040.4 crore and significant drop in revenues at Rs 843.41 crore.
This is against a profit of Rs 162.58 crore and a total income of Rs 1,030.91 crore for the previous year ended March 31, 2011.
The company board, on Monday, finalised the results and informed the exchange. The trading in DCHL scrip has been suspended from the NSE from Wednesday (January 23) for the company’s failure to make mandatory disclosures to the stock exchange.
In the notes accompanying the results, the company said some of the lenders have initiated legal actions/winding up petitions for recovery of loans and have classified financial facilities as non-performing assets.
The company has not made provision for the accrued and unpaid interest as negotiations are underway with the banks for restructuring its liabilities.
The promoters have also disclosed that they have offered their shares as collateral security for their financial assistance. Some of lenders have invoked the pledge and appropriated the same. The promoters’ shareholding has reduced from 73.83 per cent to 38.40 per cent as of September 30, 2012.
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