Reliance MediaWorks Q1 net loss widens to Rs 1.2 bn

MUMBAI: Reliance MediaWorks Ltd has suffered a consolidated net loss (after minority interest) of Rs 1.20 billion for the quarter ended 30 June, up from a net loss of Rs 536.45 million in the corresponding quarter of the previous fiscal.

Total revenue of the company dropped to Rs 1.93 billion compared to Rs 2.08 billion a year ago.

Expenses jumped 13 per cent to Rs 2.62 billion in the quarter from Rs 2.31 billion.

The company said that the operating loss stood at Rs 190 million in the quarter under review. RMWL clarified that operating loss for Q1 also includes Rs 80 million incurred on account of start up expenses with respect to VFX and 3D Conversion outsourcing businesses, against an order book position of over Rs 2 billion annually.
The company said that it has significantly completed its investmentphase. It has already received board approval for raising an amount upto Rs 5 billion by way of rights issue and the funds raised through the issue will be utilised for substantially reducing the debt of the company, incurred for creating the asset base.

In the segment-wise results, theatrical business reported a revenue of Rs 1.32 billion, slightly less than previous year‘s Rs 1.35 billion. The segment operating loss stood at Rs 369.21 million, from a loss of Rs 237.4 million in the previous year.

Total capital investment in the theatrical exhibition segment stands at Rs 8.92 billion.

From the film production services segment, the company‘s revenue slid to Rs 513.48 million from Rs 730.78 million. It also posted an operating loss of Rs 142.05 million, as against a profit of Rs 121.17 million during the previous year‘s Q1. Capital employed in the film production services segment was Rs 7.14 billion.

In the TV/Film production and distribution segment, the revenue surged to 104.24 million, from Rs 44.93 million a year ago. However, it posted an operating loss of Rs 3.34 million, as against an operating profit of Rs 4.78 million in Q1 FY ‘10. RMWL employed Rs 869.47 million on this segment during the fiscal.

Meanwhile, on a standalone basis, the net loss for the quarter was Rs 922.1 million (from Rs 317.02 million). Total income dipped slightly to Rs 1.22 billion (from Rs 1.29 billion), while expenses were at Rs 1.67 billion, up from Rs 1.35 billion in the year-ago period.

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