Zee Media Corporation Ltd (ZMCL) on Wednesday reported a consolidated net loss of Rs 126.46 crore for the second quarter ended September 30, 2019 on account of exceptional items.
The company had reported a loss of Rs 17.25 crore in July-September 2018-19, ZMCL said in a regulatory filing.
Revenue from operations stood at Rs 137.03 crore, down 18.8 per cent from Rs 168.66 crore in the year-ago period.
In the exceptional item, ZMCL reported a loss of Rs 132.49 crore. Its profit before exceptional items and tax was at Rs 9.78 crore during July-September 2019-20.
ZMCL has sold its entire equity stake in Ez-Mall Online for Rs 8.60 crore.
"Ez-Mall Online ceased to be a subsidiary with effect from June 30, 2018 and gain on disposal of above investments of Rs 41.21 crore is recognised during the half year ended September 30, 2018 and the year ended March 31, 2019 and shown as an exceptional item," it said.
Moreover, ZMCL "has recognised an additional impairment loss of Rs 132.49 crore during the quarter/half year ended September 30 2019" on account of investment in Non-Cumulative Non-Convertible Redeemable Preference Shares of Diligent Media Corporation Ltd(DMCL).
Total expenses were at Rs 129.84 crore in September quarter 2019-20 as against Rs 144.78 crore in the year-ago period.
ZMCL owns a cluster of 14 news channels, including Zee News, Zee Business, WION, Zee Hindustan, Zee Punjab Haryana Himachal, among others.
"During the quarter, the network expanded its footprints into southern India through the launch of Zee Hindustan in Tamil and Telugu languages. This is intended to make the network's content accessible to wider audience," said ZMCL in a statement.
Shares of ZMCL on Wednesday settled at Rs 5.47 apiece on the BSE, up 2.05 per cent from the previous close.
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