Zee Telefilms has posted a net profit of Rs 23.9 crores for the quarter ended December 31, 2001 as against Rs 32.1 crores for the quarter ended December 31, 2000.
The company reported net sales and services of Rs 85.33 crore in the quarter as compared to Rs 103.1 crore in the same period last year.
As a result, Zee’s earnings per share dropped to Rs 0.58 in the reporting quarter, against Rs 0.78 in the quarter ended December 2000.
Zee Telefilms’ share closed yesterday at Rs 125.15, down from Tuesday’s close of Rs 127.70.
The consolidated financial results of Zee Network for the third quarter show a 9.98 per cent rise in net profit to Rs 52.11 crores, from Rs 47.38 crores in the quarter ended December, 2000.
The total income increased to Rs 295.76 crores in the quarter ended December 2001, from Rs 265.4 crore in the same quarter last year.
However, the advertising revenues have remained under pressure during the quarter. Zee Network has reported advertising revenues of Rs 172.14 crores as against Rs 187.16 crores in the corresponding period of 2000.
Subscription revenues increased to Rs 90.19 crores from Rs 52.31 crores. The company said that it remained cautiously optimistic about advertising revenue.
According to media analysts, the results are in line with the industry’s expectations. The positive factor is the huge cut in programming costs in Zee Telefilms from Rs 49 crores in the quarter ended December 2000 to Rs 28.5 crores in the quarter ended December 2001.
To tap the full potential of the pay channel market, the company had, in June last year, converted Zee TV and Zee News to pay channels. Thus, its domestic pay revenues increased by 163 per cent to Rs 26.4 crores during the quarter ended December, 2001, over the corresponding period last year.