UTV's movie business revenues up by 241 percent

Mumbai, April 29 (IANS) Leading production house UTV's movie business has shown a revenue growth of 241 percent and its earnings from interactive and gaming business has increased by 250 percent during the year ending March 2008.

In the unaudited financial results of the fourth quarter of 2007-08 announced Tuesday, the company has reported growth in operating revenues from Rs.1,749 million in the previous fiscal to Rs.4,375 million. Operating profit reached Rs.601 million from Rs.40 million, registering a 1,403 percent increase.

UTV's movie business contributed 55 percent to the company's revenue earnings while television and interactive and gaming segment contributed 23 percent and 22 percent, respectively.

According to UTV chairman and CEO Ronnie Screwvala, operating revenues of Rs.1,870 million during the fourth quarter of the current fiscal were the highest so far for the company.

Announcing the results, he also said UTV consolidated the financial positions of its subsidiaries like UTV-US and UTV-UK and those of its indirect subsidiaries like Ignition Entertainment Ltd., Indiagames Ltd. and UTV-Mauritius.

The company's television joint ventures, Smriti Irani Television Ltd. and Windmill Entertainment Limited, have also recorded a healthy growth.

'The long-term outlook is better than ever, given the initiatives we have taken in all our four verticals - television, movies, gaming and broadcasting,' Screwvala told the UTV board.

He said Walt Disney's increased stake in UTV demonstrated the confidence the company generated.

He said the company's bouquet of four channels, Bindass, Bindass Movies, UTV Movies and World Movies were now on firm footing and poised for growth.