UTV posts Rs 47 million net profit

MUMBAI: UTV Software Communications Limited has posted a consolidated net profit of Rs 47 million on a turnover of Rs 405 million for the quarter ended 30 September 2005.

The television segment, comprising TV content production, airtime sales, animation, ad films and dubbing businesses, earned Rs 180 million and contributed 46 per cent of the company's consolidated revenues for the quarter. UTV produced 10 hours of programming per week on an average across genres, dubbed over 300 hours of content and sold over 37,250 seconds of airtime. The company said that this segment of UTV's business had witnessed improved operating margins as compared to the previous quarter.

Film production and distribution related activities in India and abroad earned a revenue of Rs 190 million and contributed 49 per cent of the company's total revenues in the quarter.

During the early part of the quarter under review, UTV's animation facilities were hit due to floods in Mumbai. The facilities have been relocated to a better place and ensured that this kind of natural calamity will not affect business in future, UTV clarified. UTV animation facility was fully insured and the company expects to get compensated for the damage during the second half of the current fiscal.

Commenting on the results, UTV CEO Ronnie Screwvala said, "UTV has demonstrated portfolio approach towards its businesses during the quarter. We have reported equal contribution from television and film revenues. Also, we have demonstrated our ability to grow our businesses through partnerships and effective utilisation of our strengths in Content. During the remaining period of this fiscal we have more than six blockbuster films lined up for release, which necessarily will help UTV to attain leadership position in the Motion Picture space - not just in production but in global distribution too. Animation remains one of our focus areas where we have logged in a order book of over USD 15 million during the quarter, which is to be executed within next 3 years."

On kids' broadcasting space, he added: "Hungama TV is rapidly moving towards its breakeven, which strengthens our belief in the Kids space of broadcasting. We have started leveraging our strengths in Kids content space in the international markets. One such example is our JV with ASTRO, a leading DTH operator in Malaysia to start and manage two Kids channels in Malaysia and Indonesia."

At the end of September 30, 2005, net debt of the company stood at Rs 500 million, which was primarily utilised for working capital requirement in the film business. Total capital employed in the operations is Rs 2.02 billion.

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