Indiantelevision.com > News Headlines > UTV Q1 net profit up 165 per cent at Rs 90.9 million

Indiantelevision.com > News Headlines > UTV Q1 net profit up 165 per cent at Rs 90.9 million

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UTV Q1 net profit up 165 per cent at Rs 91 million

Indiantelevision.com Team

(27 July 2007 6:30 pm)

MUMBAI: UTV Software Communications Limited has posted a consolidated net profit of Rs 90.9 million for the quarter ended 30 June 2007, up 165 per cent from Rs 34.9 million in the year-ago period.

Revenue rose 9 per cent to Rs 571.12 million."The surge in profit margins is largely contributed by the gaming business, which has been integrated in the Company from this quarter as well as our broadcast activity having a positive impact on our TV production business," the company said in a release.

The company has consolidated financials of UTV-US, UTV-UK, UTV-IOM and its indirect subsidiaries Ignition Entertainment Limited and UTV-Mauritius.

UTV's standalone net profit for the first quarter of the fiscal ended 30 June 2007 stood at Rs 20.48 million while revenue was at Rs 863.82 million.

Commenting on the performance UTV Software Communications CEO Ronnie Screwvala said, "Over the last year we have been working to re-invent our business model so as to be at the top end of the value chain as well as have leadership or pioneering positions in each of our segments and I believe we have achieved this well. Our movie business has attained top brand recall both in India and globally due to the content we have focused on and this year we see revenues and EBITDA growing manifold compared to the previous years. We have aggregated our interactive business in animation, VFX and gaming. The true impact of this integration will be seen by Q4 of this financial year."

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