Zee Entertainment Q2 net up 148% on sale of sports broadcasting biz

Zee Entertainment Enterprises Ltd (ZEEL) on Tuesday reported over two-fold jump in consolidated net profit at Rs 590.80 crore for the second quarter ended September 30, 2017.

The company had registered a consolidated net profit of Rs 238.40 crore in the July-September quarter a year ago, ZEEL said in a filing with the BSE.

ZEEL’s total income on consolidated basis was up 2.67 per cent to Rs 1,785.18 crore during the quarter under review as against Rs 1,738.67 crore of the corresponding quarter last financial year.

The company has reported other income of Rs 203.13 crore during the quarter as against Rs 43.23 crore.

“During Q2 of FY 2017-18, the transaction for Sale of Sports Broadcasting business of the Company to Sony Pictures Networks India Private Limited and its Affiliates (SPNI) was consummated with remittance of the balance consideration by SPNI,” the company said.

Its total expenses was down 13.83 per cent to Rs 1,147.05 crore as against Rs 1,331.26 crore.

ZEEL’s revenue from advertising in the second quarter of 2017-18 was at Rs 986.74 crore, up 2.87 per cent, as against Rs 959.16 crore in the same period last fiscal.

However, its consolidated revenue from subscription was down 14.04 per cent to Rs 501.41 crore as against Rs 583.34 crore in the year-ago period.

Shares of Zee Entertainment Enterprises Ltd were trading at Rs 518.45 on BSE, up 5.19 per cent from previous close.