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Deccan Chronicle Holdings Ltd has posted a loss of Rs 2.21 crore for the third quarter ended December 31 against a profit of Rs 21.33 core for the corresponding quarter last year.
It had logged a loss of Rs 100.05 crore in the second quarter of this financial year.
The company’s income from operations saw a steep fall at Rs 102.32 crore (Rs 243.98 crore).
P.K.Iyer, Vice-Chairman of DCHL, in the accompanying notes to the results, said , “Some of the lenders and creditors of the company have initiated legal actions for recovery of their debts and some creditors filed winding up petitions against the company.”
The company has informed that it is facing litigations in various forums and has initiated steps to defend the cases. The company management has not made any provisions for the accrued and unpaid interest, damages, costs and is negotiating with the lenders and creditors for restructuring of debt.
The promoters’ holding has come down from 73.83 per cent to 32.66 per cent as of December.
DCHL shares closed the day at Rs 4.17 on the BSE, up 1.71 per cent.
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