UTV net profit touches 555 mln mark

New Delhi, Apr 27 (UNI) Continuing its successful streak, UTV Software Communications Ltd has notched up a net profit of Rs 555 million this year, an almost four-fold increase over its profits last year.

In its results for the year ended March 31, 2007, UTV reported a consolidated revenue of Rs 203 crore, EBITDA at Rs 435 million and net profit of Rs 555 million.

The company has consolidated the financials of UTV-US, UTV-UK, UTV-Mauritius and Ignition Entertainment Ltd in its report.

''For us, the last fiscal has been the year of restructuring, acquisitions, more consumer focused approach towards businesses and new initiatives in broadcasting and new media. We strengthened our positioning in the domestic and international media space by creating a very good bouquet of movies and gaming businesses catering to not only India but the world markets,'' said UTV Software Communications Ltd Chief Executive Officer Ronnie Screwvala.

Some of the exciting developments announced recently include the launch of the youth brand 'Bindass' and 'Variety', speciality channels in the broadcasting space and a Hollywood co-production with Fox for Hollywood Director M Night Shyamalan's 'The Happening'.

During the quarter, the company took its first steps in Hollywood with the release of two of its co-productions in North America, 'Namesake' and 'I Think I Love My Wife'. ''Namesake had a tremendous opening in Hollywood and has been released in India as well to a very good response.'' Mr Screwvala added.

While the total revenues were slightly down at Rs 203 crore from Rs 218.2 crore last year, its EBITDA was up from Rs 21.4 crore last year to Rs 43.5 crore this year.

''As part of the restructuring and fund raising process, the Board of Directors decided to list the Motion Picture Business of the company at AIM of London Stock Exchange.

UTV has also formally entered the gaming business this quarter, with the acquisition of Ignition Entertainment having been concluded,''he added.

UNI