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UTV reports higher sales, but profit falls

UTV reports higher sales, but profit falls
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First Published: Tue, Apr 29 2008. 10 58 PM IST
Updated: Tue, Apr 29 2008. 10 58 PM IST
Mumbai: Media firm UTV Software Communications Ltd reported a marginal fall in consolidated net profit for the quarter to March on higher direct costs, while net sales surged.
The TV broadcaster, which also produces movies and television content, posted a consolidated net profit of Rs18.75 crore for the quarter, down 5% from a year ago, on net sales of Rs187 crore. The company’s interactive business, which includes animation and gaming, contributed the bulk of profit before tax with Rs6.4 crore.
“The uplift has really been primarily because of our gaming titles being released in this fourth quarter,” chairman Ronnie Screwvala said on television channel CNBC-TV18.
Films brought in Rs6.1 crore and television brought in Rs5.1 crore. The company, which launched two channels during the quarter, saw direct costs rising four times to Rs147 crore during the quarter.
Film and gaming revenues were both expected to double in fiscal year 2009 that started on 1 April, he added. “We are looking at doubling in terms of revenues in both our motion pictures and gaming businesses this year.”
The company, which also released Bollywood films Jodhaa Akbar and Race during the quarter, is boosting its television content business.
“The company’s own broadcasting business and a few inorganic growth opportunities will further fuel the growth of this business,” Screwvala said in a statement. It now has four channels—Bindass, Bindass Movies, UTV Movies and World Movies.
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First Published: Tue, Apr 29 2008. 10 58 PM IST