The Hindu Business Line : UTV Software back in black

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Mumbai Jan. 27 UTV Software Communications Ltd posted a third quarter consolidated net profit of Rs 28.30 crore, marking a big turnaround from the same period last year when the company registered a loss of Rs 5.5 crore.

Operating revenues were up 16.2 per cent to Rs 43.6 crore. Total revenues for the quarter were Rs 70.4 crore but that includes Rs 26 crore from the sale of Hungama TV to the Walt Disney Company.

"The quarter has been a very eventful one," CEO Mr Ronnie Screwvala said. "While the Hungama TV deal with The Walt Disney Company was consummated during the quarter, the company also decided to make investments in two gaming companies - Ignition Entertainment and Indiagames Ltd in console and mobile space respectively."

On a stand-alone basis, UTV had a net profit of Rs 24.7 crore for the quarter ended December 31, 2006 against a net loss of Rs 5.96 crore for the same period in the previous fiscal.

UTV released two movies during the quarter: Don and Bhagam Bhag. In addition, UTV has tied up with Radaan Media, the largest TV production house in South India, for co-production of all south Indian films. The company added two new members to its board in Mr Andy Bird from The Walt Disney Company and Mr Kishore Biyani of Pantaloon. The board has also recommended an interim dividend of 25 per cent.

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