MUMBAI: Prime Focus has posted a standalone net profit of Rs 58.7 million for the quarter ended 31 December 2007, up 4.96 per cent compared to the corresponding quarter last fiscal.

During the period, standalone revenue grew 48.4 per cent to stand at Rs 220.3 million.

During the quarter, Prime Focus has acquired Post Logic Studios (with offices in Hollywood and New York) and Frantic Films (with offices in Los Angeles, Winnipeg and Vancouver) for a total consideration of $ 43 million. The acquisitions have added to Prime Focus’ global footprint, which previously entailed of six visual effects and post-production facilities across India and four facilities in London.

Prime Focus MD Namit Malhotra said, “With our the recent acquisitions of Frantic Films and Post Logic Studios, the Prime Focus Group now has strategic positioning in the world’s largest entertainment markets viz. US, UK and India. With this incredible talent pool and technology we can easily deliver the best creative and technical services for content companies all over the globe”.

It has launched unsubordinated unsecured foreign currency convertible bonds worth $ 55 million due in 2012. The Bonds will be convertible into ordinary shares of the Company, quoted in Indian Rupees and listed on the Bombay Stock Exchange and the National Stock Exchange.

The company has completed post production work of films like Saawariyan, Om Shanti Om and Welcome among others. Besides it has also executed the post production and visual effects work on television commercials like Lenovo, Hero Hondo Hunk, Tata AIG, Bajaj Avenger, Skoda Fabia and Ford Fiesta.

Malhotra added, “This year we will be focusing on further strengthening our global pipeline to deliver unmatched value and service to our customers and become the leading visual effects and post-production service provider in each local market.”