MUMBAI: Reliance Anil Dhirubhai Ambani Group’s (ADAG) Adlabs Films has posted a consolidated net profit of Rs 210.35 million (Rs 21.03 crores) for the quarter ended 30 September 2007.
The companyâ€™s total income grew 131 per cent year-on-year at Rs 1.66 billion for the quarter.
The Bombay High Court of Judicature has sanctioned the composite Scheme for the merger of Adlabs Films Limited and Entertainment One India Limited and to merge the digital business of Mukta Adlabs Digital Exhibition and the demerger of the radio business of the company into Reliance Unicom Limited.
Adlabs has also applied for the certified copy of the order of the Honourable High court and the order will be filed with the Registrar of Companies as required by law.
However as the scheme has already been sanctioned and approved by the High Court the results have been prepared giving effect to the scheme. Accordingly, the above results of the company for the Quarter ended 30 September, 2007 are including the operations of Entertainment One India Limited and the digital business of Mukta Adlabs Digital Exhibition Private Ltd and excluding the operations of the radio business and hence may not be strictly comparable with the previous period.
On 14 September, 2007, The Bombay High Court of Judicature sanctioned the Scheme for the merger of Katch 22 Entertainment Private Limited with Adlabs Films Ltd effective 1 April, 2006 and the same has been given effect to.
Adlabsâ€™ revenues across all divisions logged growth in the quarter as compared to the corresponding quarter last year. The cinema division grew by 71 per cent to Rs Rs 410 million (Rs 41 crores). Adlabs now has 110 operating screens and 35 properties across the country.
The film processing and services division recorded a six per cent increase at Rs 220 million (Rs 22 crores); whereas the film production and distribution business contributed Rs 810 million (Rs 81 crores).
Adlabs Films chairman and managing director Manmohan Shetty said, â€œThis 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