UTV Communication's operating revenue soars 183 percent

Mumbai, Jan 31 (IANS) UTV Software Communications Ltd, one of the leading Bollywood production houses, has reported a growth of 183 percent in the operating revenue at Rs.1.2 billion ($30 million) for the quarter ended Dec 31, 2007.

Operating revenues and operating income of the company for the nine months ended Dec 31, 2007 reported a growth of 86 percent and 435 percent at Rs.2.5 billion ($63 million) and Rs.503 million ($12 million), respectively as compared to the same period last fiscal.

The Company has consolidated the financials of UTV-US, UTV-UK, UTV-IOM and UTV BL and the group's indirect subsidiaries Ignition Entertainment Ltd, Indiagames Ltd, and UTV-Mauritius and UTV's joint venture Windmill Entertainment Ltd.

"Our strong results in the third quarter of 2007-08 fiscal are further proof that we can deliver sustained growth which are a result of the hard work, dedication and team work that has been our strong foundation over the few years of our existence," Ronnie Screwvala, chief executive officer of the company, said in a statement.

Right now all eyes are set on its most talked about period film "Jodaa Akbar", set to release Feb 15.

Commenting on the television endeavours, Screwvala said: "We have made sincere efforts to revamp our television content business where we are currently forming multiple joint ventures with well known names like Smriti Irani and Shekhar Suman. We plan strong growth through our partnering initiatives."

The company launched two TV channels Bindass and Bindass Movies Sep 24, last year.

There are other two channels lined up for launch during the fourth quarter of this fiscal year - The World Movies Channel and The UTV Movies Channel.

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