Zee Entertainment Enterprises Ltd (ZEEL) on Tuesday reported 37.87 per cent year-on-year (YoY) decline in combined net profit at Rs 349.43 crore for the third quarter ended December 31, 2019. “The Essel Group-owned firm had actually published a consolidated net revenue of Rs 562.38 crore in the corresponding quarter last year,” ZEEL stated in a filing to the Bombay Stock Exchange. Consolidated income of Subhash Chandra-led media business also fell 6 per cent to Rs 2,119.60 crore compared to Rs 2,252.75 crore in the same quarter last year, dented by decline in advertising profits. Profits from marketing section fell 15.8 per cent to Rs 1,230.80 crore during the December quarter due to hard macro-economic environment. The company stated that many of its advertisers were going through a slow-growth duration and that led to a cut in advertising spends. The subscription profits for the quarter increased 15.4 per cent YoY to Rs 713.70 crore. Domestic membership revenue jumped 21.7 percent to Rs 631.70 crore throughout the quarter under review. Also Read: As media market battled concerns, OTT took centre stage in 2019 Ebitda(profits before interest, amortisation, tax and depreciation) for the quarter decreased 25 per cent to Rs 565.80 crore, while margins stood at 27.6 per cent. ZEEL’s overall expense in Q3FY20 stood at Rs 1,482.90 crore, higher by 5 percent YoY compared to Q3FYI9. Check out: Buzz around Zee, Sony, Viacom 18: What’s up in the media world? Talking about Q3 earnings, Punit Goenka, Managing Director and CEO, ZEEL, said, “I believe that the worst stage is behind us and we will begin seeing an enhancement from the next quarter. The proposed changes to the tariff order by TRAI are being challenged in the court and we are waiting for the last decision. I am positive that our strong portfolio of channel across markets will allow us, to browse any regulatory changes in the most efficient way.” “We are getting ready for the launch of 2 more channels over the next few months. We likewise continue to invest in initial material for ZEE5, to produce an abundant content library that will make it a really compelling offering for consumers. These investments will assist us grow ahead of the market when this short-term downturn stage has actually passed,” Goenka said. Ahead of Q3 outcomes, shares of Zee Entertainment closed Tuesday’s trade at Rs 283.95 apiece, up 4.86 percent, on the BSE. By Chitranjan Kumar Income from marketing segment fell 15.8 per cent to Rs 1,230.80 crore throughout the December quarter due to hard macro-economic environment. The subscription revenue for the quarter increased 15.4 per cent YoY to Rs 713.70 crore. Commenting on Q3 revenues, Punit Goenka, Managing Director and CEO, ZEEL, stated, “I believe that the worst stage is behind us and we will start seeing an enhancement from the next quarter.