Reliance MediaWorks narrows Q1 net loss to Rs 536.45 mn

MUMBAI: Reliance MediaWorks Ltd (formerly known as Adlabs Films) has posted a consolidated net loss (after minority interest) of Rs 536.45 million for the quarter ended 30 June, narrowing it from Rs 636.96 million in the same quarter of the previous year.

Reliance MediaWorks continues to maintain its strong investment phase and all its projects are well on track. “As a result of the continued investments and stabilisation of business verticals, the interest and depreciation charge, the company has recorded a net loss of Rs 536.45 million (US$ 12 million),” it said.

Total revenue of the company jumped 100 per cent to stand at Rs 2.08 billion, as compared to Rs 1.05 billion in the year ago period. However, the company noted that figures are not strictly comparable with the corresponding period previous year, which was partially impacted by the strike between producers, distributors and exhibitors.

The company‘s expenses also jumped 63.31 per cent to Rs 2.31 billion in the quarter, as against Rs 1.42 billion in the year ago period. This was mainly because of higher payout to distributors after enforcement of the new revenue sharing agreement, higher personal cost and decrease in stock value.

Ebitda from operations stood at Rs 200 million against a loss of Rs 90 million in the previous year.

“Reliance MediaWorks has delivered robust performance in the quarter and have started seeing strong returns on investments from the assets created in past two years. The forthcoming quarter has a steady movie line-up with more than 12 wide releases, which will help us leverage our leading presence across the entire film and media services value chain," said Reliance MediaWorks CEO Anil Arjun.

On a standalone basis, the net loss for the quarter was Rs 317.02 million (from Rs 661.05 million). Total income of the company for the quarter was Rs 1.29 billion, while expenses were at Rs 1.35 billion.

In the segment-wise results, theatrical business reported a revenue of Rs 1.35 billion, a jump of 91 per cent from previous year’s Rs 708.73 million. But this was mainly because of previous year quarter had no new movie releases.

The strong revenue growth helped the company to reduce the operational loss to Rs 237.4 million (Rs 298.88 million operational loss in the previous year).

Total capital investment in the theatrical exhibition segment stands at Rs 10.91 billion.

From the film production services segment, the company has earned a revenue of Rs 730.78 million, as compared to Rs 288.89 million in the previous quarter. It also posted an operating profit of Rs 121.17 million during the quarter under review (from previous year’s Rs 15.08 million).

However, in the TV/Film production and distribution segment, the revenue dropped to Rs 44.93 million, from Rs 70.81 million a year ago. The company posted an operating profit from the segment of Rs 4.78 million, as against a profit of Rs 12.80 million for Q1 FY ’09.

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