The Hindu Business Line : Zee Tele consolidated net drops in Q3

ZEE Telefilms Ltd reported a drop in consolidated net profit at Rs 82.4 crore for the third quarter of the current fiscal as against Rs 90.2 crore in the year-ago period.

Total revenues were Rs 339.01 crore (Rs 374.57 crore). Advertising revenue dipped to Rs 179.58 (Rs 184.21 crore), and subscription revenues stood at Rs 162.44 crore (Rs 150.17 crore).

Advertising revenues declined during this quarter after a moderate growth in three consecutive quarters.

During the period, the company reversed the financials of its subsidiary, Padmalaya Enterprises Ltd and Padmalaya Telefilms Ltd (PTL) which was considered for consolidation till June 2004. As result of this reversal, PTL's revenues of Rs 16.02 crore, expenses of Rs 8.83 crore, profit before tax of Rs 6.27 crore and profit after tax of Rs 4.16 crore reported in the first quarter ending June 2004 is reversed in the company's consolidated results for the current quarter.

"Zee is in an investment phase, with several new channels added and the DTH business receiving due investments for growth. The financial performance of the third quarter has to be seen in the context of the start-up phase of these initiatives," ZTL said in a news release quoting Mr Subhash Chandra, the Chairman and Managing Director.

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