MUMBAI: Adlabs Films has posted a net loss of Rs 640 million (Rs 64 crore) in the first quarter of FY 2009-10.
Revenues from operations stood at Rs 1.05 billion (Rs 105 crore), whereas negative EBITDA from operations at Rs 90 million (Rs 9 crore).
However, the quarter performance is not comparable as the deadlock between producers/distributors and exhibitors caused no new Hindi movie releases for 80 per cent period of the quarter.
However, there was a sharp recovery in July with industry seeing 100 per cent growth in monthly collections as movie screenings resumed.
Adlabs Films CEO Anil Arjun said, "This quarter has been an aberration and has witnessed the resolution of long standing issues for the industry. Despite the absence of Hindi film content, we have achieved over 80 per cent of the revenues of the previous year’s comparable quarter for similar businesses."
"It is very encouraging that movies released thereafter have seen a strong box office and in the month of July itself the industry has seen a 100 per cent jump in the average monthly box office in the last six months. The line-up of movies for the remaining year is strong and we except the performance of July to be maintained through the year. Adlabs has made strategic investments and scaled up business operations and we expect to benefit from the strong momentum in the film and media industry," he added.