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Zee News Ltd Q3 net up 18.4 pc; to shut down Zee Gujarati from April 30, 2009

23-January-2009
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Zee News Ltd Q3 net up 18.4 pc; to shut down Zee Gujarati from April 30, 2009

Zee News Ltd has reported consolidated revenues of Rs 1.43 billion in Q3, up 45.4 per cent as compared to Rs 983.2 million in the corresponding quarter of FY08. Q3 net profit, too, was up 18.4 per cent at Rs 151.3 million. The consolidated EBIDTA stood at Rs 299 million, up 35.8 per cent.

Subscription revenue continued to deliver YoY growth of 46 per cent over last year, cashing on the extensive DTH proliferation.

The Zee Board of Directors met on January 22 and approved the unaudited financial results of Zee News Ltd for the quarter ended December 31, 2008.

Commenting on the results, Subhash Chandra, Chairman, Zee Group, said, “The company is no longer dependent on two or three key channels. With growing traction in, Zee Telugu, Zee Business, Zee Kannada and the regional news channels, Zee News Ltd is all set to add additional driver channels going forward.”

Meanwhile, the Zee Board also approved the closure of Zee Gujarati from April 30, 2009.

Chandra further said, “The forthcoming UP news channel launch will be a key strategic expansion along with other regional proliferation of our products and services.”

Laxmi Narain Goel, Managing Director Zee News Ltd, said, “The strong third quarter performance of the company is not only testimony to our sound business model and practices, but also speaks volumes about the financial discipline followed.”

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