HONG KONG — UTV Motion Pictures achieved net profits of $8.1 million in the six months to September.
Figures, achieved on revenues of $10 million, include a one-off $2.9 million gain from the new company’s listing on the AIM section of the London Stock Exchange.
Listing in July raised a total of $70 million, much of which was used to acquire a slate of films in incubation at parent UTV Software Communications. As the company was spun off as a new entity from the parent there are no comparable financials.
Non-exec chairman Ronnie Screwvala said company has “successfully begun to implement strategy and lay solid foundations for profitable growth.”
Movie highlights include releases of Mira Nair’s “The Namesake,” U.S. release of “I Think I Love my Wife,” a co-production with Fox Searchlight, boffo theatrical results for “Life in a Metro,” and best children’s film prize at the Indian National Awards for “Blue Umbrella.”
Company also has set up a home entertainment division, established a second production label, Spotboy, that struck a deal with Virgin Comics, and moved into Telegu and Tamil language production sectors. It also signed stars Priyanka Chopra and John Abraham to long-term deals and did the same with helmers Rakeysh Omprakash Mehra and Anurag Basu.