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Prime Focus posts consolidated net loss of Rs 20.29 cr in March quarter

MUMBAI: VFX and 3D conversion service provider Prime Focus has posted a net loss (after minority interest) of Rs 20.29 crore (Rs 202.93 million) in the quarter ended 31 March 2015.

In the year-ago period, the company had posted a net loss of Rs 7.16 crore (Rs 71.57 million). However, in the previous year quarter, the company had sold its ‘backend business’, including conversion of 2D audio visual/moving images to stereo 3D audio visual/moving images business, to Prime Focus world N.V. It also transferred the business of providing the services of computer-generated visual effects to Prime Focus World Creative Services Pvt Ltd by way of a slump sale for a total consideration of $38 million. Thus, it said that the figures for the current quarter are not comparable with the previous year period.

Income from operations, meanwhile, jumped 67.34 per cent to Rs 420.54 crore (4.20 billion), as against Rs 251.31 crore (Rs 2.51 billion) in the corresponding quarter of the previous fiscal.

Expenses also jumped 53.8 per cent to Rs 364.05 crore (Rs 3.64 billion), from Rs 236.63 crore (Rs 2.37 billion) in the earlier-year quarter.

Prime Focus’ profit from operations before other income, finance cost, and exceptional items jumped to Rs 56.49 crore (Rs 564.9 million), compared to Rs 14.68 crore (Rs 146.8 million) in the corresponding quarter of previous fiscal.