HONG KONG – Indian theater operator and post-production services group Reliance MediaWorks saw its losses reduced by nearly half in the third quarter, from July to September.
Quarterly consolidated income dropped 13% to 1.82 billion rupees ($28.8 million). Net losses fell from $36.9 million to $19.5 million.
Losses from cinema exhibition and production services both fell, but finance costs increased ahead of a rights issue in July that raised $93.1 million. That figure is close to the losses accumulated in the 12-month period of October 2012 to September that stood at $92.7 million.
The company said that it was renegotiating rents for several of its cinema properties and in several cases had either reduced costs or exited the sites.
Reliance MediaWorks will again change its year end, this time giving it an 18-month financial year running till March.