BAG Films Ltd has reported a 33 per cent rise in profit at Rs 12 million for the quarter ended December 31, 2006. Net income from sales / operations increased by 20 per cent to Rs 109 million.
Stating that the Q3 results were satisfactory, Anuradha Prasad, Managing Director, BAG Films, said, “During this quarter the company also signed an MOU with the FTII, Pune, for forging alliance with our media institute ISOMES, which is a great achievement. Going forward, we are confident of continuing to achieve healthy revenue and profitability growth.”
Financial institutions like IDBI have taken up 10 per cent stake in BAG Infotainment Pvt Ltd amounting to Rs 2 crore.
BAG Films is also pursuing opportunities in various new media avenues such as DVD, video streaming, wireless transmission and the internet besides identifying new uses for existing technologies such as digital libraries, interactive story telling, and distance learning.
In the quarter, BAG Films also developed content for some of the leading mobile service providers in the country.
BAG Films has entered into a joint venture with Sieundesign Co Ltd, a Korean firm which has a presence in the production, distribution and licensing of animation movies and TV series. The JV, Sieun & BAG Animation Pvt Ltd, is expected to significantly enhance BAG Films’ presence in the fast growing animation and new media business.