UTV's net profit up by 86 percent

Wednesday, 29 October 2008, 03:49 Hrs
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Mumbai: UTV Software Communications saw its operating revenue increase 138 percent to 1,708 million for the quarter ended Sep 30, as against 719 million in the corresponding period last fiscal, according to a company statement Monday.

The net profit of the company stood at 328 million, showing an 86 percent increase, as compared to 176 million posted in the corresponding quarter last year, the statement added.

In the second quarter this year, UTV also consolidated the financials of its subsidiaries - UTV-U.S., IG Interactive, UMP PLC, UTV TV Content, UTV New Media, UTV Games and UTV Global Broadcasting - as well as those of its indirect subsidiaries and UTV's television joint ventures with Smriti Irani Television and Windmill Entertainment Ltd.

The indirect subsidiaries include Ignition Entertainment, Indiagames, UTV-Motion Pictures (Mauritius), ITNation Media, RB Entertainment, True Games Interactive, GenX Entertainment and UTV Entertainment Television.

True Games is a US-based online gaming company that UTV acquired recently. The company envisages a 20 percent growth in the gaming space in the next three years.

"In August this year, The Walt Disney Company completed its investment of 1.18 billion in UTV Global Broadcasting Ltd (UGBL) for 15 percent stake and simultaneously UTV also took 75 percent stake in UGBL by putting in 2.4 billion, leaving 10 percent to the promoters of UTV," said UTV Software chairman and CEO, Ronnie Screwvala, in the statement.
Source: IANS
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