Crest net loss Rs 5 million in Q3

Crest Animation Studios has incurred a net loss of Rs 5 million for the quarter ended 31 December 2004, as against a loss of Rs 6 million a year ago.

The company's revenue, however, has gone 34 per cent up to Rs. 67 million, as against Rs 50 million for Q3-03.

For the nine month period in the current fiscal, the company, however, has returned to profitability. Crest has registered a net profit of Rs 6 million during this period, as against a loss of Rs 36 million a year ago.

Crest has explained the net loss to "strategic" investments the company has made to achieve its long terms objectives. Besides, the company has been hit by a declining dollar. Crest has made substantial investments to expand its manpower and infrastructural facilities. While 40 CGI (Computer Generated Imaging) animators have been imparted on the job training during the last quarter, over 170 CGI animators have been added in the 12-month period ended December 2004. As such, depreciation outlay is comparatively higher, informs an official release.

Crest Animation CEO A K Madhavan says, "Directionally, we are on course, moving from a work-for-hire basis for television series to co-producing television series to moving into the home video space (DVD market). We are steadily progressing along the learning curve, taking on and meeting the most stringent quality challenges while working for reputed studios in the US. The improving margin is testimony to the fact that we are also simultaneously being able to command better pricing".

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