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Friday, Jul 19, 2002

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Zee posts 31 pc rise in Q1 net profit

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MUMBAI, July 18

ZEE Telefilms Ltd (ZTL) has reported a 31 per cent increase in its net profit at Rs 47.67 crore for the first quarter of 2002-2003 from Rs 36.38 crore in the year-ago period.

Total revenue stood at Rs 248.80 crore against Rs 233.51 crore. Advertising revenue contributed Rs 139.97 crore (Rs 137.31 crore) and subscription revenue Rs 101.59 crore (Rs 66.79 crore).

Advertising revenue remained flat mainly due to the continued sluggishness in the market and also on account of tighter credit norms imposed by ZTL to strengthen its receivables position, a press release said.

Other income was slightly lower at Rs 16.21 crore as compared to Rs 20.65 crore. Operating prodit was Rs 75.83 crore (Rs 59.55 crore).

The company attributed the growth in operating profit to a further reduction in transmission costs combined with a focus on improving operating cost efficiencies. Interest cost was lower during the quarter at Rs 18.2 crore.

"With aggressive collection drive and with more stringent credit control measures implemented by the company, receivables position has improved from 251 days as on March 31, 2002 to 227 days at the end of the first quarter,'' ZTL said in a press release.

ZTL's content and broadcasting contributed Rs 218.64 crore; access Rs 62.29 crore and education Rs 3.01 crore to the revenues.

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