Press Releases2014May 23, 2014
ZMCL declares its Q4 FY14 results
Mumbai, India; May 21, 2014 - Zee Media Corporation Limited (ZMCL), erstwhile Zee News Limited, (BSE: 532794, NSE: ZEEMEDIA), today reported fourth quarter and fiscal 2014 consolidated revenues of Rs. 827.7mn. The Network incurred Operating Expenditure of Rs. 883.9 mn in the fourth quarter and Rs. 3,096.9 mn in the full year. The Board of Directors, in its meeting held today, approved and took on record the financial results of ZMCL for the fourth quarter ended on March 31, 2014.
Mr. Subhash Chandra, Non-executive Chairman of the Board, said “With a new and stable government taking office after a decisive mandate, I am confident that the Indian economy, going through a moderated growth, will script a turnaround story in a short span. We hope that the new dispensation will initiate action oriented decisions to spur the engines of growth. The spirited movement in stocks market indicates that the investor sentiment is buoyant with hope of a revival. The rupee has stabilized and Current Account Deficit has narrowed, starting afresh the investment cycle. Inflation, though, still remains an area of concern for people at large. We are hopeful that the issue of supply side bottlenecks will be addressed to tame inflation. The positive outlook of the economy should benefit the media and entertainment industry.”
Dr. Bhaskar Das, Group CEO, News Cluster, said, “At a time when the media and entertainment industry was witnessing several challenges, both regulatory and business related owing to economic slowdown, ZMCL expanded its horizon with new regional offering Zee Kalinga catering to the Odisha market. Our television and digital reach is now 137.5million, consolidating our position as the largest private news network in the country. We are in tune with changes in television environment expecting that digitization will result in further lowering of carriage fees. We continue to evolve synergy in our operations with optimum utilization of technology and resources. Even in the midst of a sluggish macro-economic environment our advertisement revenue, the mainstay of business, has grown by a significant 9.2% to Rs.2,205.1 mn for the financial year 2013-14.”
He added: “ZMCL CEO Alok Agrawal has moved on to pursue other interests and I wish him all the best in his endeavor.”