Prince lands Tips into Q1 net loss

MUMBAI: Tips Industries has suffered a net loss of Rs 123.25 million for the three-month period ended 30 June, pulled down by its movie production and distribution business.

Tips‘ mega budget action thriller Prince bombed at the box office, shaving its bottom line, as it reversed from its earlier-year quarter profit of Rs 12.75 million.

 The film distribution and production business suffered an operating loss of Rs 120.04 million on an income of Rs 135.82 million. The capital deployed for the segment was Rs 529.96 million.

Tips Industries’ income from operations surged 245.31 per cent during the quarter to Rs 195.43 million, as against Rs 56.6 million in the year ago period, as it had the big budget movie release during the quarter under review.

Expenses, however, rose 857.56 per cent to Rs 304.87 million, mainly on account of film distribution and production costs.

The company suffered a loss of Rs 109.43 million (loss from operations, before other income, interest and exceptional items), as against a profit of Rs 24.76 million a year ago.

The audio product business, however, remained profitable with Rs 27.2 million on an income of Rs 60.22 million. Tips had posted a profit of Rs 40.22 million in this segment on an income of Rs 59.36 million in the year-ago period.

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