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Profits Dip At Indian Distributor Eros International, David Maisel Joins Board

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HONG KONG – Leading Indian film distributor Eros Intl. saw revenues increase by 12% in the six months to September, but profits tumbled to just $1.7 million compared with $11.6 million in the same period last year.

The company said that it had only released two major films in the first half, but that it expects to have at least four in the remainder of the year.

It has released “Aagadu” (Telegu-language) and “Kaththi” (Tamil), and has “Happy Ending” (Hindi), Rajnikanth-starring “Lingaa” (Tamil), “Action Jackson,” “Tevar” and “Shamitabh” (all Hindi) on the slate for the rest of 2014-15.

The company, which switched its share listing from London to New York, said: “We are utilizing the proceeds from our successful secondary equity and retail bond offerings to accelerate our investment in our film slate, the results of which we expect will positively impact our fiscal year 2016 revenue and profitability.”

It also said that its ErosNow online service is “gaining traction,” with more free and premium subscribers signing up, and that an app will be released soon.

Former Marvel, Walt Disney and Endeavor executive David Maisel (“Iron Man”) and Lulla Singh have joined the board of directors.