Media and enterntainment company Zee Entertainment Enterprises has registered a 5.6 per cent drop in its net for the first quarter of current fiscal as competition from new channels dented its revenues.
The company posted consolidated net profit of Rs 91.32 crore in Q1 of FY 2010 as compared to Rs 96.81 crore it posted in Q1 of FY 09. Its net sales also dipped by 7.35 per cent at Rs 475.93 crore as compared to Rs 513.74 crore inthe corresponding quarter previous financial year.
The company's stock was trading at Rs 176.65 at 1 pm, nearly 8 per cent higher than Wednesday's close.
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