Zee Reports 74% Rise in Third-Quarter Profits, Looking to Increase Stake in Ten Sports
On Tuesday, giant media company Zee Entertainment posted a 74.49% rise in its net profit for the December quarter. The company also announced that it in the process of consolidating its stake in Ten Sports at 95%.
The total earnings of the company, however, have actually declined to Rs. 563.2 crore up-to December 31, 2009, as compared to the earnings during the same period for 2008 which stood at Rs. 585.7 crore. All the figures were revealed by the firm in a filing to the Bombay Stock Exchange.
"Zee's performance over the last couple of quarters is reflective of its ability to grow viewership and revenues even under difficult market conditions. Now that the economy and sentiments have improved, we will continue building our product portfolio for creating value in the long-term", Zee chairman Subhash Chandra said.
In its board meeting yesterday, Zee Entertainment Enterprises gave its approval to raise stake in Taj TV, Mauritius and Taj Television.
