Reliance Mediaworks income grows 23%
Fiscal Q3 results positive for Reliance Big Entertainment unitNEW DELHI -- Reliance MediaWorks, the film exhibition, film processing and services and TV production unit of DreamWorks' partner Reliance Big Entertainment, announced its fiscal third quarter results (ending December 2009), which showed total income from operations at $44 million, growing 23% over the same period last year.
RMW, which also runs India's largest theatrical chain Reliance Big Cinemas, reported EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization) from operations at US$8.5 million, an increase of 128% over last year.
The exhibition division had total revenues of US$31.8 million, an increase of 51%.
Reliance Big Cinemas now runs 500 screens in India and overseas including the US, Malaysia and Netherlands. With over 9 million admissions, RBC saw a 50% increase in the third quarter over the same period last year.
RMW's film and media services – which recently acquired London-based iLabs – recorded EBIDTA at US$3.6 million, an increase of 55%. RMW also recently partnered with 2D to 3D conversion pioneer In-Three to establish the world’s largest facility dedicated to the conversion of 2D films and videos into 3D in India.
RMW's TV unit Big Synergy is in investment mode, with interest and depreciation charges significantly higher this quarter, which saw the unit record a net loss of US$5.8 million.
“Being an integrated player across the entire film and media services value chain, Reliance MediaWorks is well poised to make the most of current growth opportunities that have resulted due to the sharp upswing that the entertainment industry is witnessing in India and internationally," Reliance MediaWorks CEO Anil Arjun said, commenting on the group's overall results.