Mumbai, May 10: Media giant Zee Entertainment Enterprises Limited, today posted its results for the fourth quarter of FY17 ending on March 31. The company recorded a growth in domestic advertising revenue by 8.1% to Rs 7,944 million. Meanwhile, international advertising revenue stood at Rs 525 million. Also Read - GEE Vision INC And ZEE TV Presents International Indian Icon 2018 Season 2, Watch Semi Finale Episode 1 Here

The company’s subscription revenue witnessed a decline by 8.1 per cent on a year on year basis. The same was true for its international business, which saw a decline in advertising and subscription revenues due to the base effect. On a positive note, the media company’s EBITDA value for the final quarter stood at Rs 4,687 million. this was a  14 per cent increase from the amount recorded for the same period last year. Also Read - Exclusive: 'Naamdaar Maligning me Whereas I Only Stated Facts,' Says PM on Calling Rajiv Gandhi 'Bhrashtachari No. 1'

ZEEL reported consolidated revenue of Rs 15,280 million for the fourth quarter of fiscal 2017. The company’s board has recommended an equity dividend of 250 per cent.  Further, ZEEL has received an additional  USD 330 million from the first phase of the sale of its sports business to Sony Pictures Network. Also Read - ZEE5 Sponsored Team Northern Warriors Move Into The Finals of T10 Cricket League

Commenting on the results, Dr Subhash Chandra, Chairman, ZEEL, said, “The Indian economy has exhibited strong resilience with GDP growth of 7% in Q3FY17 despite demonetization of high-value currency. Implementation of Goods and Services Tax (GST) would unify India into one market. This along with other reforms and push on infrastructure would accelerate growth from already healthy levels. A normal monsoon as forecasted by IMD could give a fillip to rural consumption.”

Similarly, Managing Director & Chief Executive Officer of ZEEl, commented by saying, ” We are happy to deliver yet another quarter of strong financial performance despite the difficult economic environment. Our domestic advertising revenue grew by 8.1% despite the impact of demonetisation.”

He also added, “After a couple of quarters of weakness, advertising growth appears to be back on track. TheGST roll-out could boost advertising spends as a part of potential tax savings might be reinvested. While there is uncertainty regarding the implementation of the new tariff regulation due to pending litigations, we have published the prices of our channels and bouquets. We are confident that with the strong competitive position of our channels in every genre, we will be able to drive subscription business.”