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MUMBAI:
Reliance ADAG promoted Adlabs Films has posted a consolidated
net profit of Rs 210.35 million for the quarter ended 30 September
2007.
Total
income grew 131 per cent year-on-year to stand at Rs 1.66
billion for the quarter.
The
quarter results exclude the FM radio business. Entertainment
One India Limited and the digital business of Mukta Adlabs
Digital Exhibition are, however, included.
According
to the company, the demerger of the radio business of the
company into Reliance Unicom has already been sanctioned and
approved by the High Court. The results have been prepared
giving effect to the scheme, the ompany said.
The
information and broadcasting ministry, however, have not yet
given the approval to the demerger.
The
radio business had lost Rs 945 million for the 15-month period
ended 30 June 2007.
The
High Court has also approved the scheme to merge Entertainment
One India and also the digital business of Mukta Adlabs Digital
Exhibition with Adlabs Films.
During
the quarter, the cinema division grew by 71 per cent to Rs
410 million. Adlabs is now operating 110 screens in 35 properties
across the country. The film processing and services division
recorded a 6 per cent increase at Rs 220 million. The film
production and distribution business contributed Rs 810 million.
Commenting
on the performance Adlabs Films Chairman and MD Manmohan Shetty
said, "This quarter has been one of consolidation and
the platform has been built for aggressive growth ahead. However,
performance has also been affected by the release of some
films that did not achieve as per expectations.
"On
a positive note, we have further firmed up our position as
the largest cinema chain in the country and by Diwali we will
have 125 screens across India. We also have aggressive new
business plans in the services division as well as some promising
film releases during the next few quarters."
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