Zee News Ltd Q2 net at Rs 2.2 mn on revenue of Rs 615.9 mn

MUMBAI: Zee News Ltd (ZNL) has posted a consolidated net profit of Rs 2.24 million (after minority interest) for the three-month period ending September on a revenue of Rs 615.87 million.

The corresponding quarter a year ago had six regional general entertainment channels which powered a net profit of Rs 131.49 million for the second-quarter of FY‘10. Since 1 January 2010 the regional GECs have moved to group company Zee Entertainment Enterprises Ltd.

On sequential basis, ZNL had posted a net profit of Rs 33 million on a turnover of Rs 648.5 million in the fiscal first quarter.

ZNL chairman Subhash Chandra said, “The company has utilised the last two quarters to consolidate its position post demerger, and is poised to expand from here. The balance sheet looks sanguinely healthy and advertising and subscription revenues have continued to grow. What is particularly heartening is that the company has managed to show robust growth at a time when most players in the industry have been facing degrowth.”

Ebitda for the quarter under review stood at Rs 70.2 million and profit before tax at Rs 32.1 million.

The trimmed down ZNL‘s advertising revenue grew 16.3 per cent over the year-ago period, while subscription revenue for the quarter was Rs 194.1, which constituted 31.5 per cent of the total revenue.

  The expenses of the company stood at Rs 545.7 million.

ZNL posted Ebitda profit of Rs 186.8 million from its existing business (Zee News, Zee Business, Zee 24 Taas, Zee Punjabi and 24 Ghanta). The company, however, suffered Ebitda loss of Rs 116.5 million from its new business (Zee Tamizh, Zee 24 Ghantalu and Zee News UP).

ZNL CEO Barun Das added, “Our performance in the second quarter of this fiscal reflects all round growth. All our existing channels continued to perform, while both the newly launched news channels are on path to meet their respective breakeven targets. Our focus to offer a bouquet of channels in national and vernacular languages has reaped rich dividends, giving us an edge over competition. Advertising revenues of 16.3 per cent would possibly standout as an exception in TV News industry. Moreover, our strategy to concentrate on the middle line besides top line has ensured that the company remains in fine fettle. Usually Q2 is the slowest quarter in terms of advertising revenue. Despite that, we are pleased to post a healthy Ebitda. In this context, the buoyant figures in Q2 set the pace for an even more successful Q3.”

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