Shree Ashtavinayak Cine Vision’s FY ’09 net profit down 84%

    MUMBAI: Film production and distribution company Shree Ashtavinayak Cine Vision has reported a consolidated net profit of Rs 19.63 million (Rs 1.96 crores) for the year ended 31 March 2009, which is 84 per cent down from its previous years net profit of Rs 126.33 million (Rs 12.63 crores).
    The company’s revenue was up 39.59 per cent to Rs 1.31 billion (Rs 131 crores) this year as compared to Rs 935.68 million (Rs 93.56 crores) in FY’08.
    Shree Ashtavinayak Cine Vision’s expenses stood at Rs 1.18 billion (Rs 118 crores) in FY’09, which was up from Rs 736.03 million (Rs 73.6 crores) in FY’08. The rise in expenditure is primarily due to a steep rise in amortization of intangible assets (film production/distribution rights), which went up from Rs 587.41 million (Rs 58.74 crores) in FY’08 to Rs 994.88 million (Rs 99.48 crores) in FY’09.
    The company’s revenues from its film production and distribution business were up 148.81 per cent at Rs 1.10 billion (Rs 110 crores) this year as compared to Rs 442.87 million (Rs 44.28 crores) last year.
    The company however suffered a loss of Rs 88.09 million (Rs 8.8 crores) from distributing films that it acquired the rights of, as against a profit of Rs 44.40 million (Rs 4.44 crores) in the previous year.