Reliance MediaWorks Q2 net loss widens to Rs 447 mn

MUMBAI: Reliance MediaWorks Ltd has widened its consolidated fiscal second-quarter net loss to Rs 447 million compared to Rs 111.47 million a year ago.

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 447 million,” the company said.

The net loss has, however, narrowed as compared to the trailing quarter (Rs 536.45 million).
Total revenue of the company jumped 30.7 per cent to stand at Rs 2.46 billion, as compared to Rs 1.88 billion in the year-ago period.

Meanwhile, the company‘s expenses also went up by 37.28 per cent to Rs 2.52 billion in the quarter, as against Rs 1.83 billion in the earlier year. This was mainly because of higher rent, higher personal cost and payout to distributors.

Ebitda from operations stood at Rs 340 million.

“Reliance MediaWorks has delivered strong performance in the first half of the year and have started seeing strong returns on investments from the assets created in past two years. The forthcoming quarter releases include some of the biggest and most awaited films of the year, which will result into strong box office performances and also 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 410.85 million (from Rs 69.95 million). Total income of the company for the quarter was Rs 1.48 billion, while expenses were at Rs 1.49.

In the segment-wise results, theatrical business reported a revenue of Rs 1.53 billion, a jump of 32.77 per cent from previous year’s Rs 1.5 billion. But this was mainly because of the impact of producers strike in the previous year.

The operational loss from the segment was at Rs 119.67 million (Rs 84.40 million operational loss in the previous year).

Total capital investment in the theatrical exhibition segment stands at Rs 9.54 billion.

From the film production services segment, the company has earned a revenue of Rs 746.6 millioncompared to Rs 474.27 million in the previous quarter. It also posted an operating profit of Rs 116.22 million during the quarter under review (from previous year’s Rs 146.49 million).

However, in the TV/Film production and distribution segment, the revenue dropped to Rs 239.78 million, from Rs 302.37 million a year ago. The company posted an operating profit of Rs 39.48 million from the segment, as against a profit of Rs 85.29 million a year ago.

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