Bollywood film maker Eros International said its Indian subsidiary Eros International Media (EIML) had a good box office track record in the April - June quarter.
Revenue was up 60% to $48.0m from a year earlier, while earnings before interest and tax jumped 42% to $9.7m.
EIML released 23 films during the quarter, the first of the subsidiary's financial year, up from 19 in the corresponding period of 2011.
Subscribe to 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 group has got off to a positive start to the second quarter of the fiscal year, with the release of 'Cocktail' in July 2012 netting $18.5m worldwide.
"We are once again proud to have picked a fine slate of films such as Housefull 2, Ferrari Ki Sawaari and Vicky Donor which have not only performed well at the box office but also been successfully monetised across television and digital platforms," said Sunil Lulla, Managing Director of EIML.
"We are especially encouraged by the box office success of a modest budget film like Vicky Donor which demonstrated potential for smaller films among a growing multiplex audience and widening the appeal of our films," he added.
Shares of the parent company, Eros International, rose 5.5p to 194p in the morning session.
JH
-
Rents rise at slowest pace for four years – is buy-to-let still worth it?Slowing rental growth and higher property taxes are creating a headache for landlords. Does buy-to-let still offer a good yield?
-
Should you bag a bargain with a half-price investment trust?Twenty-six investment trusts look cheap by historic standards, with some trading at a discount of more than 50%. Are they a bargain or value trap?
