Zee Media tumbles 7% as profit drops 73% in FY19
In the quarter ended March 2019, the Essel Group-backed company posted a net loss of Rs 86.66 crore against a net profit of Rs 11.52 crore in the year-ago period.
Shares of Zee Media Corporation fell nearly 7 percent intraday on May 15 after the media house reported a 73.1 percent decline in profit after tax (PAT) for FY19 at Rs 13.17 crore, compared to Rs 49 crore in the last fiscal.
"Consolidated operating revenue in FY19 grew by 19.8 percent to Rs 686.92 crore from Rs 573.48 crore in the financial year 2017-18," Zee Media said in an exchange filing.
In the quarter ended March 2019, the Essel Group-backed company posted a net loss of Rs 86.66 crore against a net profit of Rs 11.52 crore in the year-ago period.
The revenue of Zee Media also tumbled 3.9 percent in the January-March quarter at Rs 169.35 crore, compared to Rs 176.22 crore in Q4FY18.
At 0933 hrs, Zee Media Corporation was quoting Rs 13.55, down 6.81 percent on the BSE.
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