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MUMBAI:
Debt-ridden media house Deccan Chronicle Holding Limited (DCHL)
has a total liability of Rs 40.4 billion as of 30 September,
2012, as per the financial results announced by the company.
The
company, which had extended its financial year by six months
to 30 September, has liabilities of Rs 5.59 billion for the
financial year ended 31 March 2011.
DCHL
disclosed that it has short-term borrowings of Rs 37.5 billion,
trade payables of Rs 1.5 billion besides other liabilities
of Rs 1.3 billion.
The
company also has long-term borrowings of Rs 1.47 billion besides
other long-term provisions of Rs 1.02 billion. It also has
other long-term liabilities of Rs 79.3 million.
The
company posted a net loss of Rs 10.4 billion for the 18-month
period ended 30 September 2012. DCHL had posted a net profit
of Rs 1.62 billion for the fiscal ended 31 March 2011.
DCHL,
which publishes English daily Deccan Chronicle, reported net
sales of Rs 7.86 billion for the 18-month period ended 30
September 2012. The net sales in the previous fiscal was Rs
9.7 billion.
Expenses
stood at Rs 12.3 billion for the fiscal under review on account
of sharp rise in consumption of materials and cost of purchases
and services. It was Rs 7.35 billion in the corresponding
fiscal.
For
the quarter ended 30 September, the company posted a net loss
of Rs 1 billion on net sales of Rs 1.4 billion. The company
had posted a net profit of Rs 210 million in the same quarter
of the previous fiscal on net sales of Rs 2.25 billion.
The
company also revealed that it had offered shares as collateral
security to some of the lenders for the financial assistance
provided to the company and some of them have invoked the
pledge and appropriated the same against the dues payable
to them.
As
a result, the promoter shareholding in the company has reduced
to 38.4 per cent from 73.83 per cent as of 30 September.
The
company said that its fixed assets including intangible asset
under development (brand) amount to Rs 29 billion and liabilities
included an amount of Rs 39.8 billion to the lenders as a
result of restructuring of the operations and recasting of
the financial statements.
The
media company also said it hopes to recover damages from BCCI
for the termination of its IPL franchise Deccan Chargers.
However, the same has not been recognised in the books of
accounts as it is a contingent asset and based on the principle
of prudence.
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