Zee Entertainment Enterprises' third quarter (October-December) consolidated net profit fell sharply by 37.90 percent year-on-year due to lower revenue and operating income.

Profit during the quarter declined to Rs 349.40 crore, from Rs 562.40 crore in the same period last year.

Revenue from operations in Q3 dropped 5.5 percent to Rs 2,048.70 crore YoY, dented by lower advertising revenue.

"Advertising revenue for the quarter was Rs 1,230.80 crore, a decline of 15.80 percent YoY. Domestic advertising revenue declined by 15.70 percent YoY to Rs 1,157 crore," Zee said in its BSE filing.

"Third quarter is normally a strong growth period for us; however, the tough macro-economic environment led to a decline in our advertising revenues. Most of our advertisers are going through a slow-growth period and that has led to a cut in advertising spends. I believe that the worst phase is behind us and we will start seeing an improvement from the next quarter," Punit Goenka, Managing Director and CEO said.

Source: MONEY CONTROL