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Deccan Chronicle to launch financial daily; plans foray into sports & event management space

29-January-2008
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Deccan Chronicle to launch financial daily; plans foray into sports & event management space

The Board of Deccan Chronicle Holdings Ltd at its meeting held on January 28, 2008, inter alia, approved the launch of a financial daily and has appointed Shubhrangshu Roy as Chief Operating Officer (COO) for the daily.

The company also announced a joint venture of its subsidiary Sieger Solutions with GroupM (a WPP company) to explore and create synergies in the space of sports and event management. The development assumes significance in the context of Deccan Chronicle recently winning the bid for the Hyderabad team of BCCI’s Indian Premier League.

The Hyderabad-based group publishes Andhra Pradesh’s leading English daily, Deccan Chronicle, which has also made its presence felt in Chennai in the last few years.

Speaking with exchange4media, P K Iyer, Managing Director, Deccan Chronicle Holdings Ltd, said, “The Board has taken a decision. We will go through the mathematics and let you know once things are finalised.”

The Board also approved the appointment of Mohit Mohan as CEO of Odyssey India Ltd, the Group’s retail venture. Prior to joining Odyssey, he was Head-Operations at WalMart International.

Meanwhile, Deccan Chronicle Holdings Ltd reported a net profit of Rs 102.94 crore for the quarter ended December 31, 2007, a jump of 113 per cent as against Rs 48.44 crore posted in the same period of last fiscal. Net sales for the quarter grew by 48 per cent to Rs 216.20 crore as compared to Rs 146.39 crore in the year ago period. Net sales for nine months stood at Rs 577.32 crore, a growth of 42 per cent, as compared to Rs 405.23 crore posted in the same period last year. Net profit was at Rs 269.29 crore, a jump of 98 per cent as against Rs 135.98 crore posted in the same period of last fiscal, it said.

The company also informed the Bombay Stock Exchange on January 28, 2008 that it had received a certificate from ABC (Audit Bureau of Circulation) for having reached average net paid sales of over one million copies per day for the period July-December, 2007.

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