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The bad times in the television business have got to Cinevista Communications as well.
Cinevista, a leading television programme producer, has reported negative results with a net loss of Rs 34.50 million in the first half (H1) ended September 2001. Total income for the half-year ended 30 September 2001 stood at Rs 110.2 million as against Rs 253 million for the same period last year.
The company has posted a net loss of Rs 34.5 million, against a net profit of Rs 30.80 million for the same period last year. Cinevista had posted a sales growth 55 per cent and a growth of 44 per cent in profit after tax for the half year ended September 2000 over the same period the earlier year. The current year‘s figures stand out in stark contrast with these figures.
The Cinevista scrip was down 4-7 per cent yesterday on the Bombay Stock Exchange. The scrip moved beteen Rs 45 and Rs 42 and closed even lower at Rs 42.50 with close to 6200 shares changing hands.
The television industry has started feeling the heat of deteriorating market conditions as is evident by the half yearly results shown by many media related companies. The bad times are probably just beginning for the industry.
