Galaxy Entertainment Q1 turnover jumps 38%, operating profits up 157%

 MUMBAI: Galaxy Entertainment Corporation Limited, a public limited company listed on the Bombay Stock Exchange has declared a net profit of Rs 3.536 million for the quarter ended 30 June 2003. In the first quarter of last fiscal (2002-2003), the company had posted a loss of Rs 0.328 million.

The total turnover has shown a 38 per cent jump from the unaudited turnover of the first quarter of last fiscal. The income from operations has gone up to Rs 27.4 million from Rs 19.9 million last year.

The operating profit during this quarter has shown a sharp rise of 157 per cent over the operating profits during the first quarter of last fiscal. Operating profits (profit before depreciation and taxation) for the June quarter stand at Rs 6.283 million.

For the year ended 31 March 2003, Galaxy Entertainment had posted a net profit of Rs 10.4 million on a total turnover of Rs 104.6 million.

The company's current business operations include The Bowling Company, and Rain, the upscale 'bar and eatery' in north Mumbai. Successful brands under the bowling company umbrella are the Sports Bar, the Brew Bar and the Bowling Arcade. The company is making its entry into the Indian film industry with its first Hindi movie 'Khel' that is slated to be released in October this year.

The Q1 results of this fiscal have not accounted for the revenues from 'Khel'. However, the expenses incurred for the movie have been included in current assets under work-in-progress.

Galaxy, which is the combined venture between the Chatterjee Group and the Ruia Group, has also commenced work on another entertainment centre at Andheri, to be called The Bowling Company. This new venture is expected to commence operations by October 2003.

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