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Zee News reports net profit of Rs 93 million; revenues up at Rs 1,665 million

30-January-2007
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Zee News reports net profit of Rs 93 million; revenues up at Rs 1,665 million

Zee News Ltd has reported revenues of Rs 1,665 million for nine months, a 39 per cent growth compared to the same period last fiscal, compared on proforma numbers. The channel’s net profit stood at Rs 93 million for the nine-month period.

The channel has seen advertisement revenue as Rs 1,213 million until December 31, 2006, an increase of 54 per cent. Subscription revenue, too, had increased by 12 per cent at Rs 416 million. Operating profit was Rs 131 million, an increase of 179 per cent as compared to the proforma numbers for the corresponding period last fiscal.

Subhash Chandra, Chairman, Zee, said, “Zee News Ltd finished the nine months with a good performance, highlighted by strong advertising revenue growth of 54 per cent and robust operating profit growth of 179 per cent. We believe that Zee News Ltd has the potential to grow into a media giant with a regional focus.”

“We are extremely pleased to see the steady steps towards digitisation of the Indian cable and satellite industry. CAS has been successfully implemented in the notified areas of Mumbai, Delhi and Kolkata. With more subscribers opting for digital services even in other parts of the country, it will give a big boost to our subscription revenues in the near future. All these have extremely positive and long term impact on our business given that most of our channels are pay,” Chandra added.

Commenting on the restructuring exercise, he said, “The restructuring exercise for ZNL is now complete. ZNL is ready to exploit the vast emerging opportunities and will deliver long term shareholder value.”

Laxmi Goel, Managing Director, Zee, commented, “Many of our channels have turned in strong performances in the third quarter. Zee Marathi now leads the Marathi entertainment genre, while Zee Bangla continues to build its strong No. 2 position. Zee News continues to deliver stable ratings and as the only pay channel in the Hindi news genre has been successful in garnering strong revenues from both advertising and subscription. 24 Ghanta, our Bengali news channel operated by our subsidiary company has quickly vaulted to a strong No. 2 position. We will continue to reinforce our competitive advantage and deliver more value to viewers and shareholders.”

Elaborating on the channel’s performance, Harish Doraiswamy, CEO, said, “Though we are pleased with the operating results in the first nine months, there is a lot more to be achieved. While we have done well in the Marathi and Bangla genre, our efforts are directed towards a ramp-up in the performance of new businesses – viz. Zee Telugu and Kannada. Additionally, we would continue to strengthen our presence in the news genre.”

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