Mumbai, Oct 16: Zee Group has reported a 28.46 per cent rise in consolidated net profit at Rs 70.08 crore for the second quarter ended September 30, 2003, compared to Rs 54.55 crore posted in same period previous fiscal. Total income in the period under review increased to Rs 339.51 crore as against rs 294.27 crore in q2 of last year, Zee informed the stock exchange, Mumbai, today.
On standalone basis, Zee Telefilms has posted net profit of Rs 18.56 crore (Rs 16.13 crore in Q2 of last year), while total income increased to Rs 125.29 crore (Rs 106.7 crore).
Zee director finance Hitesh Vakil said, "The company's financial condition has gained further strength during the quarter. While on one hand, there has been a reduction of Rs 159 crore in gross debt since June 30, 2003, the debtors position has further improved to 150 days. We expect to bring debtors down to normal levels before end of FY 2004".
Referring to business outlook, the company said business environment has started to show promise for advertising revenues, which was dependent on macro factors and business confidence of the major advertiser groups.
The company was hopeful of growing the advertising revenues during the second half of fy-2004 and was confident of the continued expansion in subscription revenues.
Bureau Report