Eros International's interims hit by rupee devaluation

Eros International, which makes and distributes Indian films, is down following interims that saw revenues and profits fall, partly hit by devaluation of the Indian rupee.

Jyoti Deshpande Group Chief Executive Officer and Managing Director explained: "I am pleased to report that Eros has seen a 4.4% increase in constant currency revenues. The 6.2% decrease in reported underlying EBITDA [earnings before interest, tax, depreciation and amortisation] against a 3.7% increase on a constant currency basis reflects the 21% devaluation of the Indian Rupee when comparing the two periods.

Reported revenues for the six months ended September 30th were down 6.1% to $86.4m (2011: $92m), with pre-tax profits coming in at $12.4m compared with $28.9m for the same period in 2011.

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Kishore Lulla, Executive Chairman of Eros International, said: "I remain very positive about the outlook of the business and the vast opportunities unfolding within the Indian entertainment landscape at a global level. Our business has historically had a second half skew due to major high profile releases being released around the Indian festival and holiday season and the same is true for this year."

The net debt of the company as on September 30th was $139.1m as compared to $115.8m as on September 30th, 2011 and $103.9m as on March 31st, 2012 ($72.8m March 31st 2011).

CM