Zee Entertainment Enterprise Ltd has reported a consolidated net profit of Rs 29.28 crore for the first quarter ended on June, 2020.
The company had reported a net profit of Rs 529.76 crore in April-June quarter a year ago, Zee Entertainment Enterprise Ltd (ZEEL) said in a BSE filing.
Its total income during the quarter under review was Rs 1,338.41 crore. It was Rs 2,112.03 crore in the corresponding quarter last year.
According to the company, the impact on earnings was primarily due to restrictions caused by COVID-19 on business activities.
"Hence, the results for the current quarter are not strictly comparable with the results of the earlier quarters presented," said ZEEL.
Its revenue from advertisement was at Rs 421.06 crore in the April-June quarter. It was Rs 1,186.71 crore in the corresponding quarter of the previous year.
Subscription revenue was at Rs 744.34 crore. It was at Rs 708.77 crore in Q1/FY 2019-20.
According to ZEEL, it has assessed the impact of this pandemic and the same has been incorporated in the plans going forward in accordance with government directives.
It further said, restrictions have started to relax, enabling content production to commence.
"This is expected to result in increase in business activity for the Group. In addition to the aforesaid assessment and review of the current indicators of future economic conditions, the Group has also taken various steps aimed at augmenting liquidity, conserving cash including various cost saving initiatives, and sale of non-core and other assets," it said.
Shares of Zee Entertainment Enterprise Ltd were trading at Rs 183.80 on BSE, up 5.66 per cent from previous close.