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Deccan Chronicle Q3 net dips 75%; not to sell IPL team

Deccan Chronicle Q3 net dips 75%; not to sell IPL team
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First Published: Fri, Jan 30 2009. 03 12 PM IST
Updated: Fri, Jan 30 2009. 03 12 PM IST
Mumbai: Deccan Chronicle Holdings on Friday said its third quarter net profit fell 75% to Rs25.67 crore over the corresponding period a year ago.
The firm had a net profit of Rs102.94 crore in the third quarter last fiscal, Deccan Chronicle Holdings said in a filing to the Bombay Stock Exchange.
However, total income of the company, which publishes English dailies - Deccan Chronicle and The Asian Age - rose to Rs228.28 crore in the December quarter, from Rs226.45 crore a year ago.
For the nine-month period ended 31 December, Deccan Chronicle posted a net profit of Rs131.92 crore, a 51% decline from Rs269.29 crore last year.
Shares of Deccan Chronicle were trading at Rs 37.45, down 2.73 per cent in the afternoon trade on the BSE.
Also Deccan Chronicle Holdings Ltd will not sell its Indian Premier League cricket team, Deccan Chargers, as there were no buyers in the market, a top official told said.
“We are not selling it. There is nobody in the market to buy or sell,” Managing Director P K Iyer said over the telephone.
Deccan will review the decision to sell Deccan Chargers in three years from today as this downturn cycle was likely to be extended till 2012, he said.
“This is the worst of all the downturns I’ve seen. It will take time,” he added.
In October, Deccan Chronicle said it had mandated KPMG Corporate Finance to find a strategic buyer for Deccan Chargers.
Deccan Chronicle had in 2008 paid $107.01 million for the Hyderabad team for Indian cricket board’s Twenty20 series for 10 years.
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First Published: Fri, Jan 30 2009. 03 12 PM IST