MUMBAI: Balaji Telefilms net profit for the quarter ended 31 December, 2008 has dropped a whopping 96.98 per cent to Rs 5.68 million (Rs 56 lakhs) as compared to Rs 188.17 million (Rs 18.81 crores) in the corresponding quarter last year.

The company’s income from operations has falled 36 per cent to stand at Rs 505.68 million as compared to Rs 799.71 million for quarter ended 31 December 2007.

Revenues from commissioned programming dropped to Rs 439.35 million as compared to Rs 741.86 million. In commissioned category, the company lost fresh programming of three weeks in November due to an industry-wide strike and non-resumption of fresh programming on 9X channel for its two shows. The company’s realisation per hour from commissioned programming stood at Rs 2.78 million (Rs 27 lakhs) as against Rs 3.23 million (Rs 32 lakhs) in the previous quarter.

Revenue from sponsored programming stood at Rs 66.33 million as against Rs 57.84 million in the same period last year.

The company invested Rs 30.68 million (Rs 3.07 crores) in post production and studios during the quarter. Balaji’s wholly owned subsidiary Balaji Motion Pictures released one movie EMI during the quarter, which bombed at the box office. The motion pictures division was also restructured and saw the departure of CEO Ramesh Sippy along with three other executives.

As on 31 December, 2008, the company’s total investments were Rs 2.56 billion (Rs 256 crores) including Rs 300 million (Rs 30 crores) invested in its wholly owned subsidiary. The company has invested Rs 2.25 billion in mutual funds and has also provided Rs 50 million towards fall in value of long term investments. Balaji has also invested in infrastructure pumping in Rs 16.12 million in production and post production during the quarter.

Additionally, Balaji Telefilms’ board has also accepted the resignation of its director Tusshar Kapoor with immediate effect.