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Tag: Theatrical Exhibition

  • Reliance Media Works reports lower consolidated loss y-o-y for Sept 2013 quarter

    Reliance Media Works reports lower consolidated loss y-o-y for Sept 2013 quarter

    BENGALURU: Reliance Media Works (RMW), formerly Adlabs Films and a part of the Reliance ADA group, reported lower consolidated net loss in the July-September 2013 (SQ-2013) quarter as compared to the corresponding quarter of last year. RMW’s total consolidated loss before tax for the quarter SQ-2013 at Rs 121.99 crore was almost half (52.74 per cent) of the Rs 231.31 crore the company had reported for the corresponding quarter of last year (Quarter ended 30 September 2012 or SQ-2012), and almost flat as compared to the loss of Rs 120.09 crore for the quarter ended 30 June 2013 (JQ-2013).

     

    Notes:  (1) The board of directors of the company in its meeting on 11 August 2013 has extended the financial year of the company to March 2014 which has been accepted by the Registrar of Companies. Accordingly the financial statements of the company will be drawn for 18 month period ended 31 March 2014. Hence the various quarter have been referred to as SQ (September Quarter) and (JQ) June Quarter of the respective calendar year (not financial year, since this has been changed once again by the company).

     

    (2) Notes of the attached financial statement must be read along with this analysis.

     

    (3) RMW’s net worth has eroded, however, having regard to revenue visibility of new businesses in film and media services, improved operational performance of exhibition business, financial support from its promoters, further restructuring exercise being implemented etc., the financial statements have been prepared on the basis that the company is a going concern and that no adjustments are required to the carrying value of assets and liabilities.

     

    Let us look at RMW’s other results for the quarter ended SQ- 2013.

     

    Consolidated income for SQ-2013 at Rs 192.54 crore was 11.11 per cent lower than the Rs 216.61 crore for the corresponding quarter last year SQ-2012 and 0.8 per cent lower than the Rs 194.17 crore for JQ-2013.

     

    RMW reported total income from operations for SQ-2013 at Rs 186.63 crore which was about 13 per cent lower than the Rs 214.46 crore for SQ-2012 and 3.6 per cent higher than the Rs 180.16 crore for JQ-2013.

     

    Total expense for SQ-2013 at Rs 238.40 crore was 21.54 per cent lower than the Rs 303.83 crore for SQ-2012 and almost flat as compared to the Rs 238.97 crore for JQ-2013.

     

    RMW paid 20.46 per cent lower distributors share for SQ-2013 at Rs 39.66 crore as compared to the Rs 49.86 crore for SQ-2012, but 8.2 per cent higher than the Rs 36.66 crore for JQ-2013.

     

    Depreciation, amortisation and impairment for SQ-2013 at Rs 37.27 crore was 7.2 per cent higher than the Rs 34.78 crore for SQ-2012 and 4.1 per cent higher than the Rs 35.79 crore for JQ-2013.

     

    RMW says that it has undertaken an initiative for rationalisation/improvement of exhibition business, under which it is re-negotiating rentals downwards and in some cases exit the properties. Its rental expense at Rs 43.07 crore for SQ-2013 was 11.6 per cent lower than the Rs 48.72 crore for SQ-2012 and 16 per cent lower than the Rs 51.27 crore for JQ-2013.

     

    Segment results

     

    RMW’s film production segment has been the biggest contributors to the loss. This segment reported income of Rs 35.55 crore for SQ-2013 and a loss of Rs 37.62 crore. The film production loss for SQ-2013 was 38.35 per cent lower than the Rs 61.02 crore for SQ-2012 against flat income of Rs 35.35 crore.  Comparatively, revenue for SQ-2013 was 14.6 per cent higher at Rs 41.62 crore, with a 12.13 per cent lower loss of Rs 33.55 crore.

     

    Theatrical exhibition had an income of Rs 138.6 crore for Q2-2013, which was 15.1 per cent lower than the Rs 163.26 crore for SQ-2012 and 8.7 per cent higher than the Rs 127.56 crore for JQ-2013. This segment reported less than one sixth the loss for SQ-2013 at Rs 14.79 crore as compared to the Rs 94.87 crore for SQ-2012 and 39 per cent lower than the Rs 24.25 crore for JQ-2013.

     

    The only profitable segment, television, film production and distribution reported income of Rs 15.49 per cent for SQ-2013 which was 16.9 per cent higher than the Rs 13.25 crore for SQ-2012, but 10.93 per cent lower than the immediate preceding quarter (JQ-2013) which reported income of Rs  17.39 crore. This segment reported profit of Rs 4.37 crore for SQ-2013 which was 19.82 per cent lower than the Rs 5.45 crore for SQ-2012 and almost flat as compared to the Rs 4.34 crore for JQ-2013.

  • Reliance Media Works reports lower net loss for April-June 2013 quarter

    Reliance Media Works reports lower net loss for April-June 2013 quarter

    BENGALURU: Reliance Media Works (RMW), formerly Adlabs Films and a part of the Reliance ADA group, reported lower consolidated net loss in the April-June 2013 quarter as compared to the preceding quarter (January-March 2013) and the corresponding quarter (April-June 2012) of 2012.

     

    RMW’s net worth has eroded, however, having regard to revenue visibility of new businesses in film and media services, improved operational performance of exhibition business, financial support from its promoters, further restructuring exercise being implemented etc, the financial statements have been prepared on the basis that the company is a going concern and that no adjustments are required to the carrying value of assets and liabilities.

     

    Important Notes:

     

    (1) Since the previous financial year of the company was extended till 30 September 2012, the result for the April-June 2013 quarter will be referred to as Q3-2013, January-March 2013 quarter as Q2-2013 and April-June 2012 quarter as Q3-2012 in this report/analysis.

     

    (2) Notes of the attached financial statement must be read along with this analysis.

     

    For the current quarter (Q3-2013) RMW reported a consolidated net loss of Rs 123.60 crore which was 5.9 per cent lower than the Rs 131.30 crore (y-o-y) for Q3-2012 and substantially lower by 44.4 per cent as compared to the Rs 222.12 crore for Q2-2013 (q-o-q).

     

    Details of RMW’s standalone financial information are: Turnover Rs 126.40 crore for Q3-2013 as compared to Rs 122.61crore for Q3-2012. RMW’s loss before tax for Q3-2013 was Rs 83.73 crore as compared to the Rs 91 crore loss for Q3-2012. Loss after tax stood at the same figure for Q3-2013 and the previous year’s corresponding quarter (Q3-2012).

     

    Let us look at the other figures reported by RMW for the April-June 2013 (Q3-2013) quarter

     

    RMW reported a total income from operations of Rs 180.16 crore for Q3-2013, 10.91 per cent lower than the Rs 202.15 crore in Q3-2012, but 24.6 per cent higher than the Rs 144.63 crore for Q2-2013.

     

    Its total expense for Q3-2013 was Rs 238.97 crore, 6.5 per cent lower than the Rs 255.56 crore for Q3-2012 and 2.2 per cent lower than the Rs 244.38 crore for Q2-2013.

     

    RMW’s net loss from operations at Rs 58.80 crore was 10.1 per cent higher than the Rs 53.41 crore of Q3-2012, but substantially lower than the Rs 99.75 crore in Q2-2013.

     

    Let us look at RMW’s segment results

     

    Film Production Services, Theatrical Exhibition, and Television, Film Production & Distribution are the three segments. Pursuant to the business restructuring exercise of Film Production Services, with effect from 1 October 2011, animation business is no longer considered to be a part of this segment.

     

    Film Production Services reported income of Rs 41.62 crore for Q3-2013, 2.4 per cent lower than the Rs 47.88 crore for Q3-2012, but 14.33 per cent more than the Rs 36.40 crore for Q2-2013.

     

    Loss before interest and tax by this segment was Rs 33.55 crore, almost double (more by 93.9 per cent) the Rs17.31 crore in Q3-2012, but 10.14 per cent lower than the Rs 37.53 crore loss incurred in Q2-2013.

     

    RMW’s Theatrical Exhibition segment reported income of Rs 127.56 crore for Q3-2013 (Includes exceptional items of Rs 60 crore) which was 39.56 per cent lower than Rs 204.29 crore for Q3-2012 and 11.86 per cent lower than the Rs 144.71 crore in Q2-2013.

     

    Loss before interest and tax by RMW’s Theatrical Exhibition was Rs 24.25 crore for Q3-2013 was however 10.46 per cent lower than the Rs 29.09 crore for Q3-2012 and less than a quarter (4.42 times less or 21.74 per cent) of the Rs 111.56 crore loss incurred in Q2-2013.

     

    RMW’s Television/Film Production and Distribution income of Rs 13.25 crore which contributed to just 7.4 per cent to its consolidated revenues in Q3-2013 was the only one that reported a profit before interest and tax of Rs 4.34 crore in Q3-2013 which was 60 per cent higher than the profit before interest and tax of Rs 2.73 crore in Q3-2012. This segment had reported a loss of Rs 3.50 crore for Q2-2013. Revenue from this segment in Q3-2013 was higher by 13.3 per cent as compared to the Rs 11.7 crore for Q2-2012 and 25.7 per cent higher than the Rs10.54 crore for Q2-2013.