Eros International, the Bollywood film firm, saw a 4% year-on-year rise in pre-tax profit for the six months ended September.
The firm generated revenue of $92m, up 35.3% from $69m for the same period a year ago, leading to profit before tax of $29m compared to 27.9m in 2010.
Executive chairman Kishore Lulla said: "We are immensely proud of the progress made in the first half and the second half could not have started better with the release of Ra.One being a huge success and meaning that we have three of the top five Indian films released in 2011.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company is confident that it will meet its expectations for the full year.
"The seasonal impact of film release dates will drive stronger cash flows in the second half, and by the year end, net debt is expected to be lower than at 31 March 2011," the firm said.
Cost of sales for the period rose from $29.5m to $49.6m, while cash at the end of the period increased to $105m compared to $81.9m at the same date a year ago.
Amortisation also rose to $39.5m (H1 2010: 21.73m), by 81.8%. This was due to increased released content, and timing of releases, the firm added.
Basic earnings per share fell from 20.16c to 18.64.
The share price fell 3.89% to 259.5p by 13:12.
NR
-
Reeves urged to axe stamp duty from UK shares held in an ISAChancellor Rachel Reeves is reportedly considering axing stamp duty from UK shares held in stocks and shares ISAs. What could it mean for your portfolio?
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
