Eros International Profit Up 13 Pct for Financial Q2

Producer and Distributor Has 50 Upcoming Films on Its Slate

NEW DELHI -- London and Mumbai-based entertainment production and distribution major Eros International Media Ltd. on Friday announced a net profit of about 453 million rupees ($10 million) for its second quarter financial results ended September 30.

This reflected a growth of 13% from the corresponding period last year, when Eros reported a net profit of 401.6 million rupees in the July-September quarter. 

This year, the company's total income declined to 1.88 billion rupees from Rs 2.72 billion in the September quarter. Eros reported a slight dip in its EBIT (Earnings Before Interest and Taxes) at 562.7 million rupees from 583.1 million rupees in last year's corresponding quarter.

In the first half of 2010, Eros released 39 Indian films and had a hit with Bollywood comedy Housefull, although romantic outing Anjaana Anjaani performed below expectations while the overseas-only rights for Dabangg rode on the film's runaway India success.

Eros recently released Golmaal 3, the latest installment of the hit ensemble comedy franchise, while upcoming releases include No Problem (starring and coproduced by Slumdog Millionaire star Anil Kapoor), Game and Toonpur Ka Superhero, while the company has 50 films in the pipeline including superstar Shah Rukh Khan's superhero caper Ra.One.

During the quarter Eros signed a multi-film content licensing deal for select titles (including upcoming features Agent Vinod and Desi Boys) worth 640 million rupees with broadcaster Zee Entertainment Network.

“This has been an extremely successful year for Eros International including the overwhelming response to our IPO. With an over 30-year successful track record backed by a unique de-risked business model underpinned by our portfolio pre-sales approach, we are proud to have achieved a scale second to none by staying focused and building on our core competency of content and distribution," Eros International Media managing director Sunil Lulla said.

Eros launched its IPO on the Bombay Stock Exchange and the National Stock Exchange in October, raising 3.5 billion rupees with the issue over-subscribed by 29 times.