Prime Focus posts net profit of Rs 55.9 mn

MUMBAI: Post production and visual effects studio Prime Focus has announced its operating results for the quarter ended 31 December, 2006.


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The company’s consolidated revenue for the quarter stood at Rs 167.1 million (Rs 16.71 crore) registering a growth of 31 per cent over the corresponding quarter of the previous year.


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Profit before interest depreciation and tax (PBIDT) for the quarter, at Rs 106.2 million (Rs 10.62 crore), grew by 45 per cent over the corresponding quarter of the previous year.


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Profit after tax for the quarter stood at Rs 55.9 million (Rs 5.59 crore).


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The company’s financial highlights for the nine-months ended 31 December, 2006 are as follows:


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Total income for the nine months ended 31 December, 2006 at Rs 446.1 million (Rs 44.61 crore), grew by 33 per cent over corresponding period of the previous year.


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Consolidated profit after tax for the nine months stands at Rs 160.5 million (Rs 16.05 crore), signifying a growth of 45 per cent over the corresponding period of the previous year.


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Profit before interest depreciation and tax (PBIDT) for the nine months, at Rs 296.1 million (Rs 29.61 crore), grew by 39 per cent over the corresponding period of the previous year.


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Prime Focus managing director Namit Malhotra said, “This quarter has been a very positive one for Prime Focus in terms of the caliber of work that we have had the opportunity to be associated with. We have worked on big banner productions such as Yashraj Films’ Dhoom:2, Shree Ashatavinayak’s Bhagam Bhaag, Sajid Nadiadwala’s Jaan-E-Mann, J. P. Dutta’s Umrao Jaan, Mukta Arts’ Apna Sapna Money Money and B.R. Chopra’s Baabul. Another strategic initiative has been our organic growth within India with penetration of the Chennai market which is the hub of the Tamil film industry and with a sizable advertising market as well. In Chennai, we have executed several DI projects including Jillunu Oru Kaadal, Thalaimaghan and Annavaram.”


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In April -May 2006 Prime Focus acquired a 55 per cent stake in VTR PLC, UK, a £220 million European media service company, and a post-production group in the UK with over 20 years of post-production and visual effects experience. Prime Focus is currently in the process of restructuring and consolidating the business. Fresh capital expenditure has been undertaken to bolster the group’s position in the London market.

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