Zee Entertainment slumps 11% on dismal Q3 results
Shares of Zee Entertainment extended losses Thursday after the broadcaster's Oct-Dec net profit fell 26 per cent to Rs 84 crore as against Rs 113.5 crore for the same quarter last year.
By ET Bureau |
MUMBAI: Shares of Zee Entertainment extended losses Thursday after the broadcaster's Oct-Dec net profit fell 26 per cent to Rs 84 crore as against Rs 113.5 crore for the same quarter last year.
It also trimmed its FY09 operating margin forecast to 25 per cent compared with 28 per cent last year.
"The entertainment and media industry is also seeing the impact of the overall downturn in the global economy. We are in the midst of a downward trend in advertisement revenues," Zee Chairman Subash Chandra said in a statement to the exchanges.
At 11:20 am, the company's shares lost 11.4 per cent at Rs 97.50 on the BSE after a fall of 9 per cent in the last session.
It also trimmed its FY09 operating margin forecast to 25 per cent compared with 28 per cent last year.
"The entertainment and media industry is also seeing the impact of the overall downturn in the global economy. We are in the midst of a downward trend in advertisement revenues," Zee Chairman Subash Chandra said in a statement to the exchanges.
At 11:20 am, the company's shares lost 11.4 per cent at Rs 97.50 on the BSE after a fall of 9 per cent in the last session.
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