Eros International Plc sees 121.7% drop in operating profit in Q4
The company’s digital and ancillary business has been reported to have generated $123.1 million in revenue
Eros International Plc has seen a 121.7 per cent decline in its operating profit for the quarter ended March 31 at $4.4 million as against $20.3 million in the same quarter of the previous financial year, as per media reports.
The gross profit was down 11.6 per cent at $33.5 million as against $37.9 million in the year ago period.
The revenue has also fallen 3.1% to $69.7 million compared to $71.9 million. For FY19, the company has posted a 52.8% decline in net profit at $27.6 million as against $58.5 million.
The gross profit has been reported to be down 9.3% to $114.7 million.
The company’s digital and ancillary business has been reported to have generated $123.1 million in revenue, representing over 46% of Eros combined revenue, driven by growth in its Eros Now platform.
The growth in FY19 has been fuelled by Eros’ digital and ancillary business, including Eros Now, which generated a total revenue of $123.1 million. The company’s theatrical and television syndication businesses generated $69.5 million and $77.4 million in revenue, respectively, over the same period.
Its OTT service Eros Now has ended the fiscal 2018-19 with a paid subscriber base of 18.8 million.
Eros Now had set a target of achieving 16 million paying subscribers in FY19 but that target was achieved in just over nine months, the company has said.
The OTT platforms have also registered an increase in the number of users to 155 million, a 55% increase versus the prior year period.
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