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Eros International net up 29%; looking at India listing

Eros International net up 29%; looking at India listing
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First Published: Thu, Jun 26 2008. 12 47 AM IST
Updated: Thu, Jun 26 2008. 12 47 AM IST
London: UK’s biggest distributor of Indian movies, Eros
International Plc., said full-year profit rose 29%, boosted by international film releases and television syndication deals.
Chief operating officer Jyoti Deshpande also said the firm was considering listing its domestic operations in India to accelerate expansion, particularly within the television broadcasting market, in India.
“We’re looking at a few acquisition targets within the Indian entertainment and TV broadcasting space. To fund these acquisitions, we’re exploring a listing of the Indian subsidiary on the Indian Stock Exchange during the coming financial year,” Deshpande said.
Net income for the 12 months ended 31 March climbed to $37.7 million (Rs3.77 crore), or 33 cents a share, from $29.2 million, or 30 cents, a year earlier, the London-based company said in a statement on Wednesday. Revenue jumped 70% to $113 million. The movie distributor released 16 of its 18 films internationally, compared with four global releases a year earlier, Eros said. Revenue from films released outside of India more than doubled to $52.1 million, with “Om Shanti Om,” which premiered in November, becoming the highest-grossing Hindi film worldwide to date.
Reuters contributed to this story.
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First Published: Thu, Jun 26 2008. 12 47 AM IST