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Eros firms up 8 movie releases in 2nd half of FY17; Q2 net down 33%
MUMBAI: Eros International Media has eight major movie releases lined up for the second half of the fiscal ended 31 March 2017.
The five movies slated for release on the third quarter include ‘Rock On 2’ (Farhan Akhtar), ‘Chaar Sahibzaade 2’ (3D animation Punjabi movie), ‘Kahani 2’ (Vidya Balan and Arjun Rampal), ‘Amar Prem’ (Bengali) and ‘Double Faluda’ (Bengali).
Eros plans to release ‘Ticket to Bollywood’ (Amyra Dastoor and Diganth Manchale), ‘Saarkar Raj 3’ (Amitabh Bachchan and Ronit Roy) and ‘7 Kadam’ (Amit Saadh, Diksha Seth and Ronit Roy) in the fourth quarter of the current fiscal.
Meanwhile, the company reported a 32.87% decline in consolidated net profit to Rs 62.99 crore (Rs 629.9 million) for the fiscal second quarter ended 30 September 2016.
Eros had posted a consolidated net profit of Rs 93.83 crore in the year-ago period.
Total income from operations on a consolidated basis fell to Rs 478.79 crore compared to Rs 504.91 crore a year ago.
On a standalone basis, the company’s fiscal second quarter net profit declined 19.72% to Rs 47.59 crore compared to Rs 59.28 crore a year ago.
Total income from operations on a standalone basis stood at Rs 439.73 crore, down from Rs 441.47 crore a year ago.
Eros said that theatrical revenues during the quarter were driven by worldwide releases such as ‘Dishoom’, ‘Janatha Garage’, ‘Baar Baar Dekho’, ‘Happy Bhaag Jayegi’ and ‘Banjo’.
The company released a total of 17 films during the quarter compared to 20 movies a year ago.
Eros recognized satellite sales of ‘Dishoom’, ‘Housefull 3’ and ‘Sardaar Gabbar Singh’ (Hindi) during the second quarter of FY17.
Eros said that theatrical revenues contributed 35.8%, overseas revenues 39.1% and television and others 25.1% to the company’s total income.
Under the revised Relationship Agreement, overseas revenues now realize 48% of the production costs of the films. This has come into effect from 1 April 2016.
Said Eros International Media executive vice chairman and MD Sunil Lulla, “We had over 110% of costs covered through pre-sales across revenue streams like theatrical, satellite and overseas during the first half of FY17.”
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