Indian Film Co. annual profits double

Top studio earns $3.2 mil in year ending in March

MACAU -- The Indian Film Co., one of India's top studios, said Thursday that profits for the year to March had doubled from £1.96 million ($3.2 million) to £3.89 million ($6.44 million).

The studio, which is structured as a London-listed investment company, released eight films in that period, including the highest-grossing Indian film of all time, "Ghajini," and enjoyed revenue of $66.9 million.

The company said that it expects to gain from the terms of the agreement that ended the recent strike by multiplex operators.

"IFC is expected to benefit from these new revenue-sharing terms, and as a result will receive increased revenues from the domestic boxoffice for its upcoming releases. This will start with the release of the film 'Shortkut -- The Con Is On' on 10 July 2009," the company reported. It expects to release nine films in the current financial year.

Since the end of the fiscal year, IFC has committed to invest an additional $34 million in film production, which it will fund from current revenue and a possible debt issue.