Prime Focus posts PAT of Rs 58 mn in Q3

MUMBAI: Prime Focus has reported profit after tax (PAT) of Rs 58.70 million (Rs 5.87 crores) for the quarter ended 31 December. The revenue for the quarter was Rs 220.30 million (Rs 22.03 crores), a growth of 48.4 per cent over the corresponding quarter of the previous year.

Profit before depreciation, Interest and Tax (including other income) for the quarter was Rs 137.70 million (Rs 13.77 crores), a growth of 27.6 per cent over the corresponding quarter of the previous year.

Prime Focus managing director Namit Malhotra said, “With our recent acquisitions of Frantic Films and Post Logic Studios, the Prime Focus Group now has strategic positioning in the world’s largest entertainment markets viz. US, UK and India. With this incredible talent pool and technology we can easily deliver the best creative and technical services for content companies all over the globe. This year will be focusing on further strengthening our global pipeline to deliver unmatched value and service to our customers and become the leading visual effects and post-production service provider in each local market.”

During the quarter Prime Focus acquired Post Logic Studios (with offices in Hollywood and New York) and Frantic Films (with offices in Los Angeles, Winnipeg and Vancouver) for $ 43 million. These acquisitions have added to Prime Focus’ global footprint, which previously entailed of six visual effects and post-production facilities across India and four facilities in London.

The company also announced the launch of up to $ 55 million unsubordinated unsecured foreign currency convertible bonds due 2012. The Bonds will be convertible into ordinary shares of the company, quoted in Indian Rupees and listed on the Bombay Stock Exchange and the National Stock Exchange.