Strike hits TIFC first-half revenue
Two month producer-multiplex owners takes a boxoffice tollHONG KONG -- The two-month standoff between film producers and multiplex owners earlier this year sliced into first-half revenue at the Indian Film Co. and pushed the firm into loss.
The company, which was taken over by its Network 18 parent after a squabble with a minority shareholder, also pointed to the impact of the global recession on the movie buying patterns of India's broadcasters.
For the six months to end September, TIFC reported revenue down from £15.4m ($25.4 million) to $15.8 million. Net profits of $2.13 million were replaced with net losses of $5.13 million.
Sandeep Bhargava, CEO of the investment adviser running the company, gave optimistic signals for the second half both from a TV sales perspective and from a releasing point of view – it will release six films in the second half, compared with just three in the first period.
Its current production slate includes "It's a Wonderful Afterlife" by Bend it Like Beckham-director Gurinder Chadha.