Reliance reduces quarterly loss
EmptyNEW DELHI -- Reliance MediaWorks Ltd. announced its second quarter financial results, reflecting an increase in total revenues while sharply reducing net losses over the trailing quarter.
RMW – previously called Adlabs Films – offers film processing and digital media services while affiliate Reliance Big Cinemas runs India's largest theatrical chain. Another affiliate, Big Synergy, produces television content. The group's radio division, Big FM, was spun off from RMW early this year.
RMW's total income from operations rose by 84% to US$40 million over the trailing quarter while net loss sharply reduced to US$2.3 million compared to a loss of US$13.6 million in the trailing quarter.
EBITDA from operations was US$ 7.2 million against a loss of US$1.8 million in the trailing quarter.
Reliance Big Cinemas -- which added 16 screens in the second quarter, taking its total count to 480 screens across India, the U.S., Malaysia and the Netherlands -- saw an increase of 62% in exhibition revenues at US$24 million while film and media services revenues increased by 64% to US$10 million.
Big Synergy -- which has produced local versions of “Are You Smarter Than A 5th Grader” and “India's Got Talent” -- recorded revenues of $5 million, a rise of 392% over the previous quarter.
RMW CEO Anil Arjun said, “The company’s strategic investments and scaled business operations have resulted in the creation of a robust business model which makes us a significant player across the entire film and media services value chain and enables us to be a leading beneficiary of the continuing upswing that the industry has seen since July this year.”