Film distribber announces highest half-year results
TOKYO — Gaga Communications, Japan’s leading independent film distributor, has announced the highest half-year results in its 15-year history.Consolidated group revenues for the first half of the fiscal year, ended Sept. 30, hit 24 billion yen ($194 million), an increase of 21.2% from the results for the previous six-month period and the first time half-year revs exceeded $162 million. Operating profit rose 24.2% to slightly over $8.1 million. Provisions for the losses incurred through the distribution of box office flop “Final Fantasy” and employee retirement benefits, among others, resulted in net profits of $3.8 million. “It’s definitely better than we expected,” said Gaga investor relations manager Hidehiro Yoshioka. “Films like ‘Hannibal,’ ‘The Mexican,’ ‘Crimson River’ and ‘Rush Hour 2,’ which we distributed, were big hits.” On a smaller scale, some popular arthouse titles helped the balance sheet as well.