Media group DB Corp on Wednesday reported a 63.6 per cent increase in consolidated net profit at Rs 75.57 crore in the second quarter ended on September 30, 2019. The company had reported a net profit of Rs 46.19 crore in the July-September quarter a year ago.
However, revenue from operations during the quarter under review was down 8.70 per cent at Rs 531.39 crore as against Rs 582.09 crore in second quarter of 2018-19.
Total expenses stood at Rs 469.68 crore as against Rs 517.86 crore, down 9.30 per cent.
The company publishes newspapers such as Dainik Bhaskar, Divya Bhaskar, Divya Marathi and Saurashtra Samachar.
The company's advertising revenues were 11.18 per cent down at Rs 367 crore as against Rs 413.2 crore in the second quarter of last fiscal, it said.
DB Corp's circulation revenue was at Rs 128.6 crore, down 2.42 per cent, as against Rs 131.8 crore in the corresponding period of last fiscal.
Its radio business was Rs 31.5 crore, down 16.22 per cent, as compared to Rs 37.6 crore in the year-ago quarter, the company said.
"The market conditions have been lacklustre primarily due to the economic slowdown resulting in weak demand and tepid consumer spending," DB Corp Managing Director Sudhir Agarwal said.
"While we too have witnessed the impact, our innovative product strategies and growth-led initiatives aided in not only maintaining market leadership in all our major markets but also gaining share in newly forayed markets," he said.
Meanwhile, in a separate filing DB Corp informed the BSE that its board in a meeting held on Wednesday approved an interim dividend of Rs 6.50 per share of Rs 10 each.
Shares of DB Corp settled 4.51 per cent up at Rs 153.10 apiece on the BSE.