Diligent Media Corp. Ltd (DMCL), the Mumbai-based publisher of Daily News and Analysis, or DNA, posted losses of Rs150 crore for the fiscal ended 31 March 2008. This information about the privately held firm is from a recent Sebi filing made by DB Corp. Ltd, whose promoters and promoter group companies hold a majority stake in Diligent Media. Subhash Chandra-promoted Essel Group is a joint venture partner in the company.
As on 30 June, Essel Group company Mediavest India Pvt. Ltd owned 47% in DMCL, while Bhaskar Group companies and DB Corp chairman Ramesh Chandra Agarwal together held 53%.
DNA, which launched operations in July 2005, posted a loss of Rs120.8 crore during the first year of operations. For the second year, or fiscal ended March 2007, losses went up to Rs164.1 crore and for the 2007-08 fiscal, company posted a loss of Rs150.4 crore. Figures for the latest fiscal was not available. The company has maintained in the past that it will likely break even by 2010.