Zee Entertainment Enterprises (ZEE) has reported 8.72 per cent increase in consolidated net profit at Rs 247.40 crore for the second quarter ended September 30, 2015. The company had posted a net profit of Rs 227.55 crore for the same period last fiscal.

Total income of the company stood at Rs 1,384.90 crore during the quarter as against Rs 1,117.82 crore last year, ZEE said in a regulatory filing.

“ZEE has seen an impressive performance during the second quarter. The improvement in advertisement industry and improved performance of our network has helped us grow ahead of the market,” its Chairman Subhash Chandra said.

In a separate filing the company said its board has approved the resignation of Subodh Kumar Executive Vice Chairman from his executive position, with immediate effect.

Kumar will, however, continue as a non-executive director on the company’s board.

The board approved appointment of Amit Goenka, younger son of Subhash Chandra, as Non-Executive Chairman of the company as the CEO of the international broadcasting business.

The company’s board further approved write-off of an investment of GBP 3.25 million (around Rs 33.06 crore) made by Asia Today Ltd, a wholly-owned overseas subsidiary of the company made in 2013 for acquiring minority stake in MirriAD Ltd, UK.

“This write-off was on account of continuing losses and consequent capital reduction/restructuring in MirriAD Ltd, UK, the company said.

Further, in order to provide clear focus on international broadcasting operations, the board has approved in-principle the re-organisation of the overseas broadcasting operations of all international channels, excluding sports channels, English channels and uplinking activities currently housed under the company’s overseas subsidiaries.

Shares of ZEE ended at Rs 385.60, down 3.88 per cent from previous close on BSE.

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