TIFC to release 9 films by Q4 08-09; posts £15 mn revenue

MUMBAI: The Indian Film Company (TIFC) has a slate of nine films to be released by the end of the financial year. These include Ghajini, Shortkut – The Con is On, Little Zizou, Pappu Pass Ho Gaya, Loot, Fruit ‘N’ Nut and Luck, amongst others.

TIFC has posted revenues of £15.43 million for the six months ended 30 September 2008.

Gross profit stood at £2.34 million, whereas operating profit before interest and tax was £1.35 million. The net asset value was at £54.68 million. The company has so far invested £58.97 million since its launch and has a cash reserve of £6.53 million remaining.

Over the last six months, TIFC released films like Singh Is Kinng, Bhoothnath and Ranga Panduranga. Singh Is Kinng grossed £11.42 million in the opening week. The film was also screened at the Toronto International Film Festival.

The company also acquired the remake rights of the Hollywood film The Italian Job. Additionally, TIFC acquired satellite rights for certain films to generate higher returns as television demand for Bollywood films continues to increase. Music rights to Singh Is Kinng were sold for Rs 107 million (Rs 10.7 crores) for a pre-defined period. The music rights of Kidnap and Dil Kabaddi have also been sold for a limited duration. TIFC’s productions and co-production projects are on schedule.

TIFC Investment Adviser CEO Sandeep Bhargava said, "The company has reaffirmed its position as a significant and innovative player in the Indian film industry this year. Singh Is Kinng is one of the most widely released Bollywood films of all time and is also one of the most successful films, breaking opening records at the box office. We pioneered the sale of music rights to our films for a limited period, creating opportunities for further exploitation and increased revenues. We look forward to consolidating our position in the market while continuing to meet the strong demand for quality Bollywood films in India and across the globe, maximising returns for investors and shareholders."