India’s Zee Entertainment posts first loss in 3 years on weak ad demand, higher costs

Zee Entertainment Enterprises on Thursday reported its first quarterly loss in three years, as advertisers tightened their marketing budgets and expenses shot up.

Zee posted a consolidated net loss of Rs 196 crore ($23.7 million) for the fourth quarter ended March 31, against a profit of Rs 182 crore a year ago, a regulatory filing showed.

The company’s total income fell 9.9 per cent to Rs 2,126 crore, while expenses jumped nearly 10 per cent.

Indian broadcasters have suffered an earnings knock in recent quarters, with analysts indicating that new-age loss-making ventures and inflation-hit consumer goods sellers are spending less on advertisements.