Balaji Telefilms Ltd, India's leading entertainment conglomerate today announced its unaudited financial results. The company posted an operating loss of Rs. 29.06 million for the quarter ended December 31 2009. The operating loss for the quarter reduced by 37% as compared to the previous quarter ended September 30, 2009.
Highlights for the quarter
* Income from operations decreased from the previous quarter by 4% from Rs. 406.83 Mn to Rs. 389.72 Mn;
* Operating loss decreased from a loss of Rs. 46.47 Mn for the quarter ended September 30, 2009 to a loss of Rs. 29.06 Mn mainly due to increase in production & administrative efficiency thus resulting in reduction of expenditure by 7% ;
* Profit before tax decreased from Rs 6.72 Mn during the previous quarter to Rs. 1.3 Mn due to fall in other income by 75%.
Outlook for the next Quarter
The company is looking to boost its performance and is increasing its presence in the entertainment sector with the launch of their new motion pictures division Alt entertainment and the digital division New Media. The New Media Division has launched "hoonur.com" which is an online talent platform that gives independent professionals, businesses from Film, Television & media related industries an opportunity to show their talent. There would be one film release, "Love, Sex aur Dhoka" directed by Dibakar Bannerjee which is to be released under Alt Entertainment.
Management Comment
Commenting on the results, Mr.Puneet Kinra, Group CEO, Balaji Telefilms Ltd said, "We have now turned profitable at the operating level for the month of December. Our aim is to maintain leadership in TV production while adding value to the company with the launch of several exciting initiatives."