NEW DELHI: Print media group DB Corp on Thursday reported a consolidated net loss of Rs 48.04 crore for the quarter ended June 2020 after the lockdown sent both advertisement and circulation revenues plunging. It had recorded a consolidated net profit of Rs 93.72 crore for the same period of the previous year.
According to a statement filed by the company with the stock exchangs, its revenue from operations fell to just Rs 210.41 crore during the quarter from Rs 607.03 crore the previous financial year.The company’s performance in the period was likely mirrored by most print media firms, since the first two months of the quarter had seen publication and distribution activities severaly impacted by the early phases of the lockdown.
“Clearly, the pandemic has had an impact on our results in the quarter. But all our efforts, including embarking 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.
DB’s revenue from printing, publishing and allied business was down 64.45 per cent to Rs 202.43 crore during the quarter as against Rs 569.53 crore a year ago. Revenue from radio stood at just Rs 7.98 crore against Rs 37.65 crore earlier. However, Agarwal also added that with economic activity in tier II and III cities coming back on track, the position its flagship brand Dainik Bhaskar has in the rural markets would help it “quicken the pace” of its revival.
DB Corp is among the largest print media groups and owns newspapers such as Dainik Bhaskar, Divya Bhaskar, Divya Marathi and Saurashtra Samachar. “Both circulation and advertisement revenues have shown signs of a gradual pick up on a month-on-month basis as lockdown restrictions are easing out in various states,” the company said.