LONDON (ShareCast) - Bollywood film distributor Eros was on target again last year, delivering its third year of strong revenue and profit growth.
Revenue in the year to 31 March 2009 surged to $156.7m from $113m the year before,
despite currency headwinds related to the value of the Indian rupee against the US dollar.
Revenue from the theatrical division of the Eros global distribution network fell from $52.1m to $46.3m, though turnover rose on a constant currency basis.
Television revenues grew 94% to $64m from $33m, while income from New Media improved 69% to $46.2m from $27.7m.
Profit before tax climbed to $48.4m from $45.5m a year earlier.
“With a large slate of global releases planned for 2009-10 … whose production costs are already substantially funded, the company expects to generate healthy cash flows and reduce net debt over the next 12 months,” said Kishore Lulla, chairman and chief executive of Eros.
“The committed slate for 2010-2011 is also substantially funded,” Lulla added.
The AIM-listed company said it was contemplating moving its listing to the full market and is also exploring the possibility of a listing in India.
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