Media and entertainment firm Zee Entertainment Enterprises on Tuesday reported a 38 per cent fall in its consolidated net profit for October-December quarter at Rs 348.60 crore, mainly on account of decline in advertising revenue.
The company had posted a net profit of Rs 562.76 crore in the same period a year-ago, Zee Entertainment Enterprises Ltd (ZEEL) said in a filing to the BSE.
Its total income stood at Rs 2,119.60 crore during December quarter as against Rs 2,252.75 crore in the corresponding quarter last year.
"Third quarter is normally a strong growth period for us, however, the tough macro-economic environment led to a decline in our ad revenues," ZEEL MD and CEO Punit Goenka said.
Most of our advertisers are going through a slow growth period and that has led to a cut in advertising spends, he added.
"I believe that the worst phase is behind us and we will start seeing an improvement from the next quarter," Goenka said.
Despite the slowdown, the company continues to make investments in businesses where it sees potential for growth, he added.
ZEEL's advertisement revenue during the third quarter declined to Rs 1,230.82 crore from Rs 1,426.57 crore a year ago, the company said.
Shares of Zee Entertainment Enterprises on Tuesday closed 4.86 per cent higher at Rs 283.95 per scrip on the BSE.
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