MUMBAI: Delhi-based production house BAG Films has declared a 41 per cent increase in net profit for the quarter ended 30 September 2004 at Rs 4.8 million, up from Rs 3.4 million in the corresponding period last year.

Net income was up 15 per cent at Rs 56 million compared to Rs 41 million last year.

Looking at BAG's half yearly performance (April - September 2004), net profit was up 15 per cent at Rs 11 million from Rs 9.6 million last year.

Commenting on BAG's performance, managing director Anurradha Prasad was quoted in a company release as saying: "The just concluded quarter has been a highly encouraging one for BAG Films. We have enhanced our presence across our business segments and demonstrated robust revenue and profitability growth. We have also entered into agreements for the launch of some exciting new programmes. Further, our media school, which began courses in July, has received an enthusiastic response from the student community. BAG Films continues to make steady progress towards its objective of becoming a large and dominant player in the media sector."

BAG Films' debt continues to be negligible, with the company deploying the proceeds from its public issue towards establishment of its media school, iSomes, the convergence complex and other programming and film initiatives.

Construction activity at the convergence complex is expected to be completed in the third quarter of the current financial year, the statement says.

Some highlights of the quarter include:

Three new programmes contracted, for which shooting has begun. These include gameshow Khulja Sim Sim on Star Plus as well as a law series named 'Siddhanth' and a comedy 'Kasthi Mein Masti' on StarOne.

On Star News there is the political satire show 'Poll Khol' hosted by Shekar Suman and the investigative programme 'Red Alert'.

Two news and information programmes, 'Rozana' and 'Khabrein Bollywood Ki' air on Doordarshan News.

BAG's top rated show is the family drama Kumkum on Star Plus which is among the Top 6 viewed programmes on C&S television.

BAG also has a serial 'Swapner Rong Neel' on Tara Bangla, which claims the TRP ratings top spot across all Bengali programmes.

On the movie front, BAG plans to launch its first film, Shirdi Sai Baba in November. The music for the feature film was launched at the Sai Baba Temple at Shirdi in May.