DCHL posts net loss of R100 cr in Sept quarter

Written by fe Bureau | Hyderabad | Updated: Jan 23 2013, 06:51am hrs
Deccan Chronicle Holdings (DCHL) has posted a net loss of R100.05 crore against a net profit of R21.09 crore in the July-September quarter last year. The companys net sales during the period declined 37.27% to R141.67 crore compared with R225.81 crore in the same quarter last year. The promoters stake in the company has been reduced to 38.4% from 73.83%, as on September 30, 2012, with lenders invoking pledged shares and networth eroding by more than 76%.

Days after NSE suspended DCHL stock and BSE excluding the stock from BSE-500 index, the board of DCHL met on Monday to take on record audited financial results for the quarter ended September and June and for the 18 months year ended September 2012. Owing to restructuring of its debt with the bankers, DCHL had received approval from the Registrar of Companies, Andhra Pradesh to extend its financial year 2011-12 and holding of AGM for recasting the financial statements.

The company has been under severe selling pressure, down by 22% in last five trading sessions. The shares were locked at 5% lower circuit, at R5.65, a fall of over 4.9% on the stock exchanges. Shares crashed 90% in last one year as the company has been facing financial crisis.