Crest Animation Studios Ltd, has revenues, which stood at Rs 51 million for the qarter ended 30 June as against Rs 72 million in the same period of last fiscal.
The net Loss after tax and before has been recorded at Rs 33 million as against Rs 6 million for the corresponding period.
During the quarter, the company shifted its entire operations into a state of art studio at Ghatkopar, Mumbai. Consequently, this transition resulted in a downtime of three to four weeks in several processes, due to which there was a significant impact in the current quarter’s revenue billings, though all expenses relating thereto and the expenses of shifting have been charged to the accounts, according to an official release.
The results of the quarter, to the above extent have to be treated as exceptional and may not be comparable consistently with the same quarter for the previous year or with the succeeding quarters.
The above transition will not impact the planned annual revenues of the company for the year. The company continues to have a healthy outstanding order book position. During the quarter, the Company has signed and begun work on two new DVD/TV projects, aggregating to approximately Rs 210 million with leading international studios for delivery over the next twelve to eighteen months, in addition to the existing projects under execution.