Reliance MediaWorks Jun qtr net loss at Rs 131.3 cr
New Delhi: Media and entertainment company Reliance MediaWorks (RMW) on Monday reported a higher consolidated net loss of Rs 131.3 crore for the quarter ended June 30, compared to a loss of Rs 120.14 crore in the same period last year.
The net loss, however, is lower on a quarter-on-quarter basis as the same stood at Rs 154.14 crore in the January-March 2012 quarter, Anil Ambani-led RMW said in a statement.
RMW operates three businesses -- film distribution under BIG Cinemas, TV production unit under BIG Synergy, and a film and media services segment.
Total income from operations was up 4.81 percent to Rs 202.14 crore in the quarter under review from Rs 192.85 crore in the April-June 2011 quarter.
On a sequential basis, the total income was higher by 13.6 percent as the same stood at Rs 177.90 crore in the January-March 2012 quarter.
Film production services business accounted for Rs 47.88 crore of revenues, while those from theatrical exhibition and television/film production and distribution segments stood at Rs 144.71 crore and Rs 11.69 crore in the reported quarter respectively.
On a standalone basis, the company has trimmed its net loss to Rs 91 crore in the April-June 2012 quarter from Rs 92.21 crore in the same quarter of 2011 and Rs 137 crore in the preceding quarter.
Total income, on standalone basis, was marginally higher at Rs 122.61 crore in the reported quarter from Rs 121.67 crore in April-June 2011 quarter.
It was up 27.8 percent compared to the total income of Rs 95.92 crore in January-March 2012 quarter.
Meanwhile, its Board of Directors has extended the financial year of the company till September 30, which has been approved by the Registrar of Companies, it said.
Last month, RMW's board had approved raising up to Rs 600 crore by way of rights issue to "substantially reduce the debt" of the company. The company's current liabilities stood at Rs 2,317.31 crore as of March 31, 2012.
The company will also raise about Rs 605 crore from a foreign private equity fund by selling a substantial minority stake in its Film and Media Services division.