Reliance MediaWorks Q3 net loss at Rs 273 mn

MUMBAI: Reliance MediaWorks Ltd (formerly known as Adlabs Films) has posted a consolidated net loss (after minority interest) of Rs 273.39 million for the quarter ended 31 December.

Revenue of the company stood at Rs 2.08 billion, while expenses were at Rs 2.06 billion in the quarter under review.

“As a result of the continued investments, the interest and depreciation charge was significantly higher this quarter and the company has recorded a net loss,” company said in a result,” the company said in a statement.

Reliance MediaWorks said the previous year‘s numbers are not comparable as it has demerged the radio business.

On a standalone basis, the net loss for the quarter was Rs 160.54 million. Total income of the company for the quarter was Rs 1.44 billion, while expenses were at Rs 1.29 billion.

Reliance MediaWorks CEO Anil Arjun commented, “As a result of our strategic transformation, Reliance MediaWorks has shown strong performance in all its business segments in this quarter and we have been able to consistently deliver superior value to our clients and stakeholders. Being an integrated player across the entire film and media services value chain, Reliance MediaWorks is well poised to make the most of current growth opportunities that have resulted due to the sharp upswing that the entertainment industry is witnessing in India and Internationally.”

In the segment-wise results, theatrical business reported a revenue of Rs 1.53 billion, a jump of 51.75 per cent from previous year’s Rs 1.01 billion. The strong revenue growth on the back of good movies also helped the company post an operational profit of Rs 56.14 million (Rs 40.15 million operational loss in the previous year).

Total capital investment in the theatrical exhibition segment stands at Rs 10.88 billion.

Big Cinemas crossed the 500 screen milestone with the opening of its multiplex at Kedah, Malaysia. It also launched its F&B brand ‘Movie Munchies’ with 22 product varieties developed for sale at Big Cinemas.

From the film production services segment, the company has earned a revenue of Rs 462.86 million, as compared to Rs 375.66 million in the previous quarter. It also posted an operating profit of Rs 115.39 million during the quarter under review (from previous year’s Rs 69.75 million).

However, in the TV/Film production and distribution segment, the revenue dropped to Rs 123.07 million from Rs 329.71 million a year ago. The company suffered an operating loss from the segment of Rs 9.84 million, as against a profit of Rs 40.15 million for Q3 FY ’09.

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