Stocks

Zee Entertainment shares rally nearly 9% on 2-fold jump in net profit

BL Internet Desk Chennai | Updated on January 08, 2018 Published on October 24, 2017

Shares of Zee Entertainment Enterprises jumped nearly 9 per cent on Tuesday as the company has reported over two-fold jump in consolidated net profit at Rs 590.80 crore for the second quarter ended September 30, 2017.

After a positive opening at Rs 498 against the previous close of Rs 492.85, the company shares touched an intraday high of 537.50 and a low of Rs 493 on the BSE. In terms of equity volume, 5.61 lakh shares were traded on the BSE in the afternoon session.

At 2.55 pm local time, the shares were trading higher by 8.28 per cent at Rs 533.65 on the BSE and up by 8.72 per cent at Rs 534.50 on the NSE.

PTI reports:

Zee Entertainment Enterprises Ltd (ZEEL) today reported over two-fold jump in consolidated net profit at Rs 590.80 crore for the second quarter ended September 30, 2017 against Rs 238.40 crore in the July-September quarter a year ago.

According to a BSE filing, total income on a consolidated basis was up 2.67 per cent at Rs 1,785.18 crore during the quarter under review against Rs 1,738.67 crore of the corresponding quarter last fiscal. Other income stood at Rs 203.13 crore (Rs 43.23 crore).

“During Q2 of FY 2017-18, the transaction for sale of sports broadcasting business of the bompany to Sony Pictures Networks India Pvt Ltd and its affiliates (SPNI) was consummated with remittance of the balance consideration by SPNI,” the company said.

ZEEL's total expenses were down 13.83 per cent at Rs 1,147.05 crore (Rs 1,331.26 crore). Revenues from advertising in the second quarter of 2017-18 stood at Rs 986.74 crore, up 2.87 per cent, against Rs 959.16 crore in the same period last fiscal.

However, its consolidated revenue from subscription was down 14.04 per cent to Rs 501.41 crore as against Rs 583.34 crore in the year-ago period.

Published on October 24, 2017
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