Prime Focus records Rs 102 million profit in Q1

Mumbai: Prime Focus announced its operating results for the quarter ended 30 June, 2008. Revenue for the quarter was Rs 849.4 million (Rs 84.94 crores), a growth of 47.52% over the corresponding quarter of the previous year and of Rs 273.6 million (Rs 27.36 crores) over the previous quarter.

Profit before depreciation, Interest and Tax (including other income) for the quarter was Rs 197.4 million (Rs 19.74 crores), a growth of 9.36% over the corresponding quarter of the previous year.

Profit after tax for the quarter was Rs 102.1 million (Rs 10.21 crores), a growth of 7.83% over the corresponding quarter of the previous year.

Prime Focus managing director Namit Malhotra said, "Our presence across multiple continents has provided our customers an unprecedented global value proposition. In India, we have had a good quarter both in terms of films as well as advertising with big budget movies and highly acclaimed television commercials to our credit. We are focusing on further strengthening our global pipeline, to provide the Indian media and entertainment industry with international quality work."

"Going forward, we will continue to up our benchmark by providing services to not only Indian customers but also tap global markets with our skilled resources." added Malhotra.

During the quarter ended June 30 2008, Prime Focus Ltd:

Informed BSE that the Board of Directors of the company at its meeting held on 23 June, 2008, inter alia, approved a scheme of arrangement of merger of subsidiary Storemedia Technologies Pvt. Ltd. with the company under Section 391 to Section 394 of the Companies Act, 1956, subject to members’ approval, High Court approval and various other permissions / approvals. The Board of Directors of the Company approved issuing of 100 shares for every 45 shares held by members of Storemedia Technologies Pvt Ltd. This will entail issuing 1,00,000 equity shares from the company.

The company also invested in eyeon Fusion with the purchase and installation of 1000 seats worldwide, making them the world’s largest Fusion facility.

Prime Focus completed post production work on films like Dasavathaaram, Love Story 2050 and Tashan amongst others. It also completed post production and visual effects work on several highly acclaimed television commercials like Himalayan Mineral Water, Chloremint, Oxicash, Toyota Innova etc and television shows like Maharabharata on 9X.

It executed post production on most of the Lead India campaign commercials, which were awarded the Grand Prix in the direct category at the Cannes Lions International Advertising Festival.

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