Prime Focus fattens bottom line in Q2 on forex gains

Prime Focus, visual effect and 3-D conversion service provider, doubled its consolidated net profit in the fiscal second quarter amid forex gains and flat revenues. 

For the quarter ended 30 September 2013, Prime Focus recorded 123% rise in net profit at Rs. 21.34 crore ( Rs. 213.44 mn) compared to Rs. 9.54 crore ( Rs. 95.44 mn) a year ago. 

Exchange gains of Rs. 20.36 crore ( Rs. 203.69 mn) during the quarter under review, as against exchange loss of Rs. 6.90 crore ( Rs. 69.07 mn) in the corresponding quarter previous year, came in handy. Income from operations remained almost unchanged at Rs. 196.05 crore ( Rs. 1.96 billion) as against Rs. 196.38 crore ( Rs. 1.96 billion) in the corresponding quarter of the previous fiscal. 

Expenses fell 0.77% to Rs. 179.42 crore ( Rs. 1.79 bn), from Rs. 180.81 crore ( Rs. 1.81 bn) in the earlier-year quarter. 

A sharp 23.4% drop in employee cost at Rs. 79.84 crore ( Rs. 798.49 mn) from Rs. 104.26 crore ( Rs. 1.04 bn) helped negate 13.6% increase in other expenditure to Rs. 55.23 crore ( Rs. 552.36 mn) compared to Rs. 48.60 crore ( Rs. 486.09 mn) a year ago and technical fees at Rs. 15.89 crore ( Rs. 158.95 mn) as against nil in the corresponding previous period. 

Improvement in the operational efficiency led to improvement in Prime Focus’ operating profit at Rs. 16.63 crore ( Rs. 166.37 mn), before other income finance cost and exceptional items. The company had posted an operating profit of Rs. 15.57 crore ( Rs. 155.71 mn) a year ago. 

Prime Focus provides a complete spectrum of innovative creative and technical services to the Film, Broadcast, Advertising and Media industries. It also offers end-to-end services from pre-production to final delivery, including visual effects, creative 3D conversion, animation, video and audio post-production, digital content management and distribution, Digital Intermediate, versioning and adaptation, and equipment rental.

Source: http://cablequest.org/news/national-news/item/3575-prime-focus-fattens-bottom-line-in-q2-on-forex-gains.htmlSource: http://cablequest.org/news/national-news/item/3575-prime-focus-fattens-bottom-line-in-q2-on-forex-gains.html