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ZEEL Q2 net up 17.2 pc at Rs 1,875 million

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ZEEL Q2 net up 17.2 pc at Rs 1,875 million

Zee Entertainment Enterprises has reported profit after tax of Rs 1,875 million for the second quarter ended September 30, 2012, a growth of 17.2 per cent.

Consolidated operating revenues for the second quarter stood at Rs 9,535 million, recording a growth of 33.8 per cent as compared to the corresponding quarter last fiscal.

Advertising revenues for the quarter stood at Rs 5,281 million, which grew 33.7 per cent over Q2 FY12. Sports business has been a significant contributor to this growth.

Subscription revenues were Rs 3,950 million for Q2 FY13, recording a 35.7 per cent year-on-year growth on reported numbers during the quarter. Domestic subscription revenues stood at Rs 2,808 million, while international subscription revenues were Rs 1,141 million.

Commenting on the Q2 results of the company, Subhash Chandra, Chairman, ZEE, said, “This quarter, the company has continued to build on the momentum set in the first quarter. This has been on the back of several initiatives taken across businesses which have been very well received by customers.”

He further said that general business sentiments are expected to turn positive following a slew of reforms announced by the Government, including fuel price reforms, relaxing FDI norms in retail, aviation and broadcasting, revival of disinvestment processes and ease of fund raising.

“The move to increase FDI limits in the television distribution space will allow increased access to capital for rollout of digitisation. We are very confidentthat with successful implementation of digitisation, the television ecosystem will benefit immensely,” Chandra added.

Punit Goenka, Managing Director and CEO, ZEE, commented, “ZEE has had a commendable quarter on the operational front. ZEE’s flagship channel Zee TV improved its average weekly GRPs in Q2 FY13 as well, marking a third consecutive quarter of improvement. Our portfolio has seen improvement in revenues both in terms of advertising and subscription.”

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