Reliance posts loss for fiscal Q1
Revenue up 100%, but loss at $12 milNEW DELHI -- Film services unit Reliance MediaWorks Ltd., owned by Reliance Big Entertainment, announced its first quarter results for its latest financial year (April 2010-11) posted a $12 million lost despite a 100% increase in its total income from operations at 2.08 billion rupees ($45 million).
Earnings Before Interest, Depreciation, Taxes and Amortization were $4 million compared to a loss of $2 million in the corresponding period last year.
Given its “continued investments and stabilization of business verticals, the interest and depreciation charge,” RMW recorded a net loss of US$12 million this quarter.
RMW, which runs its exhibition business under the Reliance Big Cinemas brand, posted a 91% increase in revenues to $29 million and with over 9 million admissions, RBC saw an 82% increase in footfalls this quarter compared to the previous year.
RMW's film and media services revenues increased 153% to $16 million compared to last year.
RMW expanded its U.K. presence with the installation of a second high-end negative bath, enabling the company to handle processing of bonded feature films for Hollywood, British and European producers shooting in the U.K.
In addition, the company also commenced its media business process outsourcing operations, spread over a 90,000-square-foot facility with its first phase including over 500 digital workstations.
“RMW has delivered robust performance in the quarter and has started seeing strong returns on investments from the assets created in the past two years. The forthcoming quarter has a steady movie line-up with more than 12 wide releases, which will help us leverage our leading presence across the entire film and media services value chain,” said RMW CEO Anil Arjun.