Zee News Ltd misses regional GECs, Q4 net shrinks to Rs 28 mn

MUMBAI: Zee News Limited (ZNL) has posted a consolidated net profit of Rs 28.2 million for the quarter ended 31 March, a 56.9 per cent fall from the year-ago period, as it has learnt to live without its six regional general entertainment channels since 1 January.

The channels - Zee Marathi, Zee Bangla, Zee Talkies, Zee Telugu, Zee Kannada and Zee Cinemalu - have now been demerged from ZNL and merged into Zee Entertainment Enterprises Limited (Zeel). ZNL now operates Zee News, Zee Business, Zee Punjabi, Zee 24 Taas and Zee Tamil.

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ZNL’s total consolidated revenues for the three-month period stood at Rs 600.6 million compared to Rs 1.38 billion a year ago

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Meanwhile, expenses also came down to Rs 561.8 million from Rs 1.18 billion a year ago.

ZNL chairman Subhash Chandra said, “Zee News Ltd is all set to embark on a new and promising trajectory after the demerger of the company was formally concluded. Our aim is to consolidate our commanding position in the news genre and spread out our wings even further in the regional and national arena. The company is uniquely poised to accrue benefits from the synergies possible from such an arrangement. Resources from across the spectrum of channels will be pooled together and shared, giving us an edge over competition and also immense cost benefits.”

ZNL CEO Barun Das added, “The demerger will throw up some exciting opportunities as we go ahead. We had leveraged the low cost entry opportunity during the economic recession and are now well placed to grow from here.”

The company also announced that Zee Akaash News Private Limited – a subsidiary, where ZNL holds 60 per cent stake and operates Bengali news channel 24 Ghanta - has made an operating profit of Rs 50.11 million for the year ended 31 March 2010.

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