Media house DB Corp on Thursday reported a consolidated net loss of Rs 48.04 crore for June quarter 2020 impacted by COVID-19 related disruptions in the market. The company posted a consolidated net profit of Rs 93.72 crore for April-June a year ago, DB Corp said in a regulatory filing.
Revenue from operations was down to Rs 210.41 crore during the quarter under review from Rs 607.03 crore in the corresponding period of the previous fiscal. Total expenses were at Rs 279.41 crore as against Rs 467.21 crore in June quarter of 2019-20.
Its revenue from Printing, Publishing and allied business was down 64.45 percent to Rs 202.43 crore during the quarter as against Rs 569.53 crore in the year-ago same period. Revenue from Radio was at Rs 7.98 crore in April-June 2020 as against Rs 37.65 crore earlier.
Clearly the pandemic has had an impact on our results in the quarter, but all our efforts, includingembarking on cost-cutting programmes are intended not only to deal with the short-term need but also to ensure that the company is well equipped to prosper in a decidedly different business environment, DB Corp Managing Director Sudhir Agarwal said.
As the economic activity in tier II & III cities has started coming back to normalcy and its flagship brand Dainik Bhaskar has a strong position in these markets, it would help quicken the pace of the company's return to pre-COVID-19 levels, he said.
DB Corp is one of the largest print media companies and owns newspapers like Dainik Bhaskar, Divya Bhaskar, Divya Marathi and Saurashtra Samachar.
Shares of DB Corp were on Thursday trading at Rs81.10apiece, up 2.66 percent from the previous close.
First Published: Aug 13, 2020 3:16 PM IST
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