Thu Jan 25, 2007 10:02 PM IST
MUMBAI (Reuters) - UTV Software Communications Ltd. on Thursday posted a net profit in the December quarter of financial year 2006/07 from a loss a year ago.
The company also made capital gains of 263 million rupees from the sale of television channel Hungama to Walt Disney Co. during the quarter, it said in a statement.
The company reported a quarterly net profit of 282.6 million rupees from a net loss of 55.4 million rupees a year earlier. Net sales rose 16 percent to 435.8 million rupees.
The revenue gain was backed by higher television content sales and distribution gains from two hit movies this quarter, a top official told Reuters over the telephone.
"In Q4 there will be a consolidation of gaming," Chief Operating Officer Ronald D'mello said.
In December, the company said it would buy controlling stakes in gaming firms Indiagames Ltd. and UK's Ignition Entertainment Ltd. for 1.28 billion rupees.
The company also plans to spend 1.35 billion rupees over three years on animation movie projects.
In the first quarter of the next financial year, one of its own animation movies would be in the pre-production stage and another in the production stage, he said.
Shares in the company closed 0.7 percent lower at 296.55 rupees in the Mumbai market.
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