Shares of D B Corp rose 4.74% to Rs 153.45 after the newspaper publisher announced its Q2 results during market hours today, 16 October 2019.
D B Corp's consolidated net profit soared 63.61% to Rs 75.57 crore on a 9.17% decline in net sales to Rs 533.56 crore in Q2 September 2019 compared with Q2 September 2018.
Consolidated advertising revenue fell 11.18% to Rs 367 crore in Q2 September 2019 over Rs 413.20 in Q2 September 2018. The consolidated circulation revenue also fell 2.42% to Rs 128.60 crore in Q2 September 2019 compared with Rs 131.80 crore in Q2 September 2018.
Consolidated EBITDA rose 2.96% to Rs 100.60 crore in Q2 September 2019 from Rs 97.70 crore in Q2 September 2018.
Commenting on the results, Sudhir Agarwal, the managing director of DB Corp, has said that, "The market conditions have been lacklustre primarily due to the economic slowdown resulting in weak demand and tepid consumer spending. The first half of the fiscal has been challenging for the overall industry; however, our continued focus on cost control measures coupled with softening newsprint prices helped in sustaining the overall profitability for the company. Further, the initial signs of festive demand are positive and we are cautiously optimistic about growth revival."
The company's board approved an interim dividend of Rs 6.50 per share in Q2 quarter, indicating a dividend yield of 4.24%.
Meanwhile, the S&P BSE Sensex was down 24 points or 0.06% to 38,482.56.
On the BSE, 25,949 shares were traded in the counter so far compared with average daily volumes of 23,812 shares in the past two weeks. The stock hit an intraday high of Rs 154.80 and an intraday low of Rs 148.50 so far during the day.
The stock hit a 52-week high of Rs 208.90 on 12 March 2019. The stock hit a 52-week low of Rs 131.40 on 4 September 2019.
D. B. Corp is a print media company, which is engaged in the sale of newspapers and magazines, and advertisement revenue. The firm also has a presence in radio and digital sectors.
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