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Canadian producer and distributor Entertainment One on Tuesday reported weaker financials for the first half of its fiscal year as it swung to a loss due to one-off charges for restructuring its film distribution unit.
The Canadian company posted a first-half pre-tax loss of $51.4 million for the six months to Sept. 30, compared with a profit of $3.0 million for the year-ago period. Toronto-based eOne recorded one-time items of $76.2 million related to a restructuring of its film distribution business, compared with year-ago one-time items of $4.4 million.
Overall revenue for the company, which trades on the London Stock Exchange, was down 2 percent to $520 million as the family and brands division saw a 29 percent jump in revenue, in part from sales of its Peppa Pig kids property in the Chinese market. That was offset by a 7 percent drop in revenue at the newly combined film and TV division, which includes Sierra/Affinity and the Mark Gordon Company.
“The first-half performance saw strong growth in family and brands, scripted drama, non-scripted and SVOD revenues in film and television,” said eOne CEO Darren Throop. “This was achieved as we continued to transition our film distribution activities toward production.”
He added: “Prospects remain bright, and eOne is on track to deliver (a full-year) financial performance in line with management expectations.”
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