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MUMBAI:
Zee Group cable arm Wire and Wireless (India) Limited (WWIL)
today declared unaudited consolidated financial results for
the third quarter ended 31 December, 2007. During the quarter,
WWIL had consolidated revenues of Rs 704 million but incurred
operating losses of Rs 31.6 million. Profit after tax for
the third quarter of the fiscal 2008 was a loss of Rs 285
million.
Zee
Group chairman Subhash Chandra stated, “We have identified
several opportunities for growth of our business and plan
to consolidate our position in the cable business by way of
faster digitization of cable TV, acquisition of MSOs &
direct points and through strategic alliance with various
infrastructure providers for digital services. We are investing
our time and efforts in building a high quality digital cable
network for our subscribers. Apart from the existing digital
services in CAS notified metros and some non-metro cities,
we plan to extend the digital services to all parts of country
through HITS. We believe that our ability to handle large
cable network, digital cable services and launch of VOD &
other value added services provides a compelling value proposition
for the shareholders in the days to come.”
Deepak
Chandnani, CEO of WWIL, commented, “Very soon we would
be the first MSO to deliver digital services through HITS
platform in India. This would enable us to roll out digital
services and a sophisticated service network to a larger national
market, beyond the currently notified CAS areas, quickly and
efficiently. HITS roll-out will progress in tandem with the
roll-out of digital services in the cities where we already
have Digital Head-ends. This is a big and challenging opportunity
for WWIL and we are confident that we will deliver differentiated,
attractive and compelling offers to our consumers and better
returns to shareholders.”
“The
highlight of this quarter is the carriage fees income which
has gone up to Rs 264 million, while digital revenues have
increased to Rs 45 million. We have also extended technical
upgradation program throughout our existing operations to
improve the quality of our current services to subscribers
and be ready with high quality infrastructure for roll out
of digital services,” Chandnani added.
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