Zee Entertainment Q3 net down 11% to Rs 275 cr

Zee Entertainment Enterprises (ZEE) today reported a 10.89 per cent decline in consolidated net profit at Rs 275 crore for the third quarter ended December 31.

The company had posted a net profit of Rs 308.61 crore for the same period last fiscal, it said in a BSE filing.

However, total income of the company on consolidated basis increased 16.96 per cent to Rs 1,595.08 crore during the quarter under review as against Rs 1,363.72 crore in the year -ago period.

“ZEE saw an impressive performance in the third quarter. We grew ahead of the market through improved performance of our existing channels as well as new channels. Our vision is to provide long-term sustainable growth to our shareholders,” said Subhash Chandra, Chairman, Zee Entertainment.

Over the outlook, he said: “Our investments continue to provide us with positive results. We will continue to identify and pursue profitable investment opportunities that will enable us to join the ranks of world’s leading media companies and become the first Indian media company to do so.”

In a separate filing, the company informed that its board today approved to dilute its stake in India Webportal Pvt Ltd (IWPL) by inducting a strategic investor.

“IWPL shall issue convertible preference shares to the said investor, which may result in potential dilution of company’s shareholding in the said subsidiary below 51 per cent,” the company said.

Zee Entertainment shares were trading at Rs 408.05 per scrip, down 1.86 per cent on the BSE in the afternoon session.