Pinewood posts '07 slide

But TV side helps make up for film

U.K. studio facilities group Pinewood Shepperton pointed to production delays, the weak dollar and the U.S. writers strike as it posted a slump in operating profits Thursday to £8.1 million ($16 million) for the 12 months through December 2007, down from £9.1 million the previous year.

The drop in profits came on the back of a slide in turnover to £37.4 million ($74.2 million) from £40.7 million during 2006, the studio group reported.

Pinewood Shepperton's film revenue took a tumble during 2007 to £19.5 million ($38.7 million) from £22.5 million the previous year on the back of the economic conditions.

But television revenue boosted the bottom line with a rise in revenues to £12.1 million ($24 million), up from 2006 tallies of £11.8 million.

Last year, Pinewood played host to several U.S.-bankrolled productions including Warner Bros.' "Sweeney Todd," Universal's "The Bourne Ultimatum" and New Line's "The Golden Compass."

Currently occupying the Pinewood lot is the latest James Bond outing, "Quantum of Solace," and Univeral's "The Wolfman."