Prime Focus FY’07 net up 52% to Rs 213 million

MUMBAI: Post-production and visual effects studio Prime Focus has reported a 52 per cent increase in net profit for the year ended March 2007 at Rs 213.7 million (Rs 21.37 crore) as against Rs 140.6 million (Rs 14.60 crore) in the previous fiscal.


The company’s revenue for the fourth quarter stood at Rs 185.6 million (Rs 18.56 crore) registering a growth of 80 per cent over the corresponding quarter of the previous year and grew 25 per cent over the previous quarter.


Consolidated revenues for the year ended 31 March, 2007 stood at Rs 2.03 billion (Rs 203.67 crore) up from Rs 438.7 million (Rs 43.87 crore) last year.


Prime Focus’ earnings before interest depreciation and tax (EBIDT) for the year is recorded at Rs 646.8 million (Rs 64.68 crore), as against Rs 282.9 million (Rs 28.29 crore) last year, registering an increase of 129 per cent.


The consolidated EPS works out to Rs 16.80, as compared to Rs 13.58 for the previous year.


Prime Focus managing director Namit Malhotra said, “Internationally, with the acquisition in May 2006 of VTR Plc and Clear Productions and the completion of our first international project, we have put ourselves into a position to successfully tap the global market. VTR has been the real star of the year; it is a true turnaround story. We have been able to turn a loss making unit into a profit generating set up within the year.”


“After delivering a GBP 2.2 million loss for the year ended 31 August, 2006, VTR was able to contribute Rs 13 million (Rs 1.30 crore) to the Group’s bottom line and continues to trade profitably. An aggressive cost rationalization exercise along with a focus on resource optimization has helped us bring VTR out of the red and we expect that this financial year too, VTR will continue to contribute significantly to our bottom line,” he added.


In India, Prime Focus was associated with film such as Yashraj Films’ Dhoom 2, Mani Ratnam’s Guru, Sajid Nadiadwala’s Jaan-E-Mann, J.P.Dutta’s Umrao Jaan, Vinod Chopra Productions’ Lage Raho Munna Bhai and Eklavya and Mukta Arts’ Apna Sapna Money Money.


The company also worked on television commercials such as Happy Dent, Honda CBZ and Nike. The company also launched facilities in Mumbai, Chennai and Hyderabad.


Prime Focus also completed its first full-length Hollywood movie 28 Weeks Later, which is a sequel to 28 Days Later.