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Breaking News :  ZEEL’s sports biz remains profitable in H1FY16;full fiscal loss to remain underRs 1bn
Friday 16-October-2015, 07:06,
ZEEL’s sports biz remains profitable in H1FY16;full fiscal loss to remain underRs 1bn
MUMBAI: The sports business of Zee
Entertainment Enterprises Ltd (ZEEL)
has remained profitable in the first
half of the financial year 2015–16.
In the April–September period, the
sports business registered a small
operating profit of Rs 3.7 crore (Rs
37 million). While in the first quarter,
the sports business had generated an
operating profit of Rs 1.5 crore (Rs
15 million), the profit stood at Rs 2.2
crore (Rs 22 million) in the second
quarter.
ZEEL’s sports broadcast business
includes subsidiary Taj Television,
which owns and operates Ten Sports,
Ten Cricket, Ten Action, Ten Golf and
Ten HD.
During the first half of the fiscal, the
sporting properties on the channels
included Pakistan vs Zimbabwe cricket
series, West Indies vs England cricket
series, Sri Lanka vs Pakistan cricket
series, UEFA Champions League Finals,
WWE Specials, MotoGP, India vs
Zimbabwe cricket series, Tour de
France, and US Open Tennis, among
other properties.
In the first half, revenue from the
sports segment stood at Rs 279.7
crore (Rs 2.8 billion), while cost
incurred was at Rs 276 crore (Rs 2.76
billion).
Meanwhile, ZEEL expects losses from
its sports business to be well under
originally guided Rs 100 crore (Rs 1
billion) in FY16.
In FY15, in the absence of live India-
specific cricket series, the operating
loss from the sports business stood at
just Rs 26.6 crore (Rs 266 million).
The first and the fourth quarters of
the previous fiscal were EBITDA-
positive.
The upcoming quarter would see the
telecast of events like Pakistan vs
England cricket series, Sri Lanka vs
West Indies cricket series, UEFA
Champions League, ATP and WTA
finals.
The company’s management has told
investors that the sports business
could show losses if the India–
Pakistan cricket series takes place at
the end of the third quarter.
However, there is so far no clarity on
if the series will take place at all.
http://www.televisionpost.com/television...r-rs-1-bn/
ANIL G
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