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MUMBAI: UTV Software Communications Ltd’s consolidated
net profit nearly surged 200 per cent to Rs 197.5 million
for the fourth quarter of 2006-07, up from Rs 66.4 million
a year ago. There was a writeback of deferred tax for Rs 179.9
million.
Total revenue, however, slipped almost 52 per cent to Rs 414.4
million. The corresponding quarter of the previous year captured
the revenues of the superhit movie Rang De Basanti.
UTV’s consolidated revenue for the full fiscal also dropped
to Rs 2.03 billion, as against Rs 2.18 billion a year ago.
Net
profit for the period, however, jumped 291 per cent to Rs
555 million.
UTV has consolidated the financials of UTV-US, UTV-UK, UTV-Mauritius
and Ignition Entertainment Ltd, the UK-based gaming company
which it acquired.
Says
UTV CEO Ronnie Screwvala, “For us last fiscal has been
the year of restructuring, acquisitions, more consumer focused
approach towards businesses and new initiatives in broadcasting
and new media. We strengthened our positioning in the domestic
and international media space by creating a very good bouquet
of Movies and Gaming businesses catering to not only India
but the world markets. Some of the exciting developments announced
recently include the launch of our youth brand “Bindass”,
Variety & Specialty channels in the Broadcasting space
and our third Hollywood co-production with Fox for one of
the top Hollywood Director M Night Shyamalan’s The Happening.
During the quarter, the company took its first steps in Hollywood
with the release of two of its co-productions in North America,
Namesake and I Think I Love My Wife. Namesake has had a tremendous
opening in Hollywood and has been released in India as well
to a very good response.”
He
adds, “As part of the restructuring and fund raising
process, the Board of Directors decided to list the motion
picture business of the company at AIM of London Stock Exchange.
UTV has also formally entered the gaming business this quarter,
with the acquisition of Ignition Entertainment having been
concluded. ”
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