Reliance MediaWorks Q3 net loss widens to Rs 1.5 bn

MUMBAI: Reliance MediaWorks (RMWL) has posted a consolidated net loss of Rs 1.51 billion for the third quarter of the fiscal, compared to a net loss of Rs 570.44 million the company had posted in the earlier year.

The company’s total income skid 12.88 per cent to Rs 2.11 billion compared to Rs 2.42 billion a year ago even as expenditure rose 11.13 per cent to Rs 2.89 billion from Rs 2.60 billion.

Revenue from company’s theatrical exhibition segment, Big Cinemas, declined to Rs 1.48 billion from to Rs 1.72 billion, representing a decline of Rs 240 million from the trailing quarter.

The company posted a revenue of Rs 534.38 million from the Film Production Services segment, as compared to Rs 598.3 million it had posted in the year-ago period.

RMWL clarified that the animation business is no longer part of the film production services, pursuant to restructuring that came into effect October last year.

Loss from film production services further increased to Rs 85.23 million compared to Rs 21.94 million in the prior year. The company deployed Rs 7.08 billion in the production services segment.

The theatrical exhibition business revenue stood at Rs 1.48 billion in the quarter under review (from Rs 1.72 bn in the year ago period). The loss from the segment was at Rs 510.38 million, as against a loss of Rs 56.96 million in the corresponding period of the previous fiscal.

The company deployed Rs 8.05 billion on the segment as of 31 December. Meanwhile, the television/film production and distribution vertical saw a huge dip in revenue from Rs 235.2 million in Q3 FY’11 to Rs 128.84 million in the current quarter.

Operating profit from the segment stood at Rs 17.94 million, down from Rs 43.63 million in the year-ago period.

The company has informed that its exhibition business achieved cash break-even during the quarter. It is also in the process of in the process of transferring its cinema exhibition and film and media services into separate wholly owned subsidiaries.

"With commencement of large commissioned orders, creative restoration and media services showed a sharp upswing at Rs 260 million and cash break-even in third quarter as compared to cash operating loss of Rs 100 million in trailing quarter," it said.

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