High volume DVD sales buoy parent co.
AMSTERDAM — Svensk Filmindustri has once again boosted the fortunes of parent company Bonnier Entertainment, as the latter’s numbers were driven up in the first eight months of 2003.
Bonnier Entertainment is the film, TV, music production and distribution arm of privately held Nordic entertainment giant Bonnier.
SF put down much of the increases to high volume DVD sales, especially of its own library titles.
In the first eight months, Bonnier reported net sales up year on year by a weak 5% to 11.2 billion Swedish kroner ($1.45 billion), but net profit rose to $19.3 million, up from a loss of $59.3 million in the year-earlier period.
Bonnier Entertainment continued to post healthy numbers, including an 11% rise in sales to $286 million, with operating profit more than doubling to $14.8 million.
While net sales at SF rose only slightly in the first eight months, net profits increased by 50%. “We’re doing well on theatrical releases, mainly because of ‘The Lord of the Rings’ series, but DVD has allowed us to sell quite a bit from our old catalog of library films that we have produced ourselves,” said SF prexy-CEO Rasmus Ramstad.
Bonnier Entertainment also reported improved results at its home entertainment division, Bonnier Amigo Music Group and the TV division’s Lithuanian channel LNK TV in the first eight months of the year.