Zee Entertainment Q3 net falls 11% to Rs 275 cr

Media firm, Zee Entertainment Ltd has reported a decline of 10.9 per cent in its consolidated net profit at Rs 275 crore for the third quarter ended December 31, 2015. The company has posted consolidated net profit of Rs 308.6 crore in the same quarter a year ago, the company said in a filing to the Bombay Stock Exchange. During the quarter under review, total income of the company increased 12.5 per cent from Rs 1443.9 crore to Rs 1624.06 crore in the Q3 FY 16. Commenting on the performance, Zee Entertainment, Chairman, Subhash Chandra, said, “ZEE saw an impressive performance in the third quarter. We grew ahead of the market through improved performance of our existing channels as well as new channels. Our vision is to provide long-term sustainable growth to our shareholders." Over the outlook, he said, "Our investments continue to provide us with positive results. We will continue to identify and pursue profitable investment opportunities that will enable us to join the ranks of world's leading media companies and become the first Indian media company to do so." In a separate filing, the company informed that its board today approved to dilute its stake in India Webportal Pvt Ltd (IWPL) by inducting a strategic investor. "IWPL shall issue convertible preference shares to the said investor, which may result in potential dilution of company's shareholding in the said subsidiary below 51 percent," the company said. Meanwhile, shares of the company closed trading at Rs 401.80 apiece, down 3.37 per cent from the previous close on BSE.