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Mumbai: Media firm Zee Entertainment reported 38 per cent drop in its consolidated net profit at Rs 110.95 crore for the second quarter ended September 30, 2009.
The firm had a net profit of Rs 178.15 crore in the second quarter of last fiscal, Zee Entertainment said in a filing to the Bombay Stock Exchange.
Total income declined to Rs 569.62 crore during the July -September quarter of the current fiscal, from Rs 599.62 crore in the corresponding period last fiscal.
On a standalone basis, Zee Entertainment posted a net profit of Rs 102.48 crore for the September quarter, a 77 per cent growth over the year-ago period.
Total income decreased to Rs 303.51 crore during the quarter under review, from Rs 324.38 crore in the same period last fiscal.
Meanwhile, it also said the board has given its in-principle approval for acquisition of the regional general entertainment channel business of Zee News. The regional channels of Zee News includes Zee Marathi, Zee Talkies, Zee Bangla, Zee Telugu, Zee Kannada and Zee Cinemalu.
The board would discuss the terms of the arrangement, including the share swap ratio and the appointed date of the acquisition.
Shares of Zee Entertainment closed at Rs 227, down 5.04 per cent over previous close on the BSE.
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