May 27, 2012
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Doğan Yayın posts TL 50 mln Q1 loss
15 May 2010 / TODAY’S ZAMAN, İSTANBUL
Doğan Yayın Holding (DYH), Turkey’s largest media company, which was fined TL 4.8 billion for alleged tax fraud, has announced a net loss of TL 50 million ($32.8 million) in the first quarter of 2010.
The holding’s loss in the first quarter of 2009 was TL 165 million. According to a written statement issued by DYH, the company’s consolidated income in the first three months of 2010 totaled TL 602 million. Evaluating the results, Doğan Yayın CFO Soner Gedik said in the statement that they intensified their mission to maintain the cost-saving measures they started during the 2009 global financial crisis in 2010 as well. “We are expecting to display a similar performance through the end of this year.”
Doğan Holding, the parent company of Doğan Yayın, which runs newspapers such as Hürriyet and Milliyet, numerous magazines and TV stations, was slapped with a TL 3.76 billion ($2.53 billion) fine plus interest last year for tax irregularities during a time period covering 2005, 2006 and 2007.
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