28th May 2015 08:10
LONDON (Alliance News) - DQ Entertainment PLC Thursday reported a pretax loss in its recently-ended financial year as it suffered from finance costs, adverse foreign exchange rates and lower sales.
The animation, gaming and entertainment production company reported a pretax loss for the year ended March 31 of INR129 million, compared with a INR410 million pretax profit the year before.
Revenue fell to INR1.82 billion from INR2.39 billion, which DQ said was down to a slowdown in production and a delay in the commencement of new projects, but it noted that operating pretax profit excluding finance costs and negative foreign exchange rates was up 33% on the prior year.
"The media and entertainment industry is undergoing a deep transformation. New platforms and ways to access and consume entertainment are redefining the rules of the game. On the other hand, newer delivery platforms impose new challenges relating to rights management, delivery formats and consumption behaviour. We are focused on adapting our business model with strategies to remain competitive on a global scale," Chief Executive Tapaas Chakravarti said in a statement.
Shares in DQ Entertainment were trading down 4.0% at 9.00 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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