Entertainment production and distribution company DQ Entertainment has reported a lower net profit of Rs 14 crore in the quarter ended September 30, 2012, against Rs 22 crore in the same quarter last year.
Its revenues for the quarter were put at Rs 64.34 crore (Rs 63 crore).
The company reported a loss of Rs 8 crore on account of foreign exchange fluctuations against a gain Rs 3 crore in the comparable quarter last year.
“These losses have arisen on restatement of the foreign currency balances of receivables and payables at the exchange rate as on the closing date. The foreign exchange loss of Rs 7.98 crore has an unrealised loss of Rs 7.42 crore. This unrealised loss will be reversed in subsequent quarters. However for the six months period ended September 30, the impact on account of foreign exchange loss is Rs 56 crore,’’ Tapaas Chakravarti, Chairman and Chief Executive Officer of DQE group, informed the Bombay Stock Exchange on Monday.
“The financial liquidity squeeze in the global market has also impacted the company resulting in delays in recoveries of receivables. The company has made significant efforts to reduce the receivables,’’ he said.
The company saw an increased revenue flow from licensing and distribution activity. This stream had generated Rs 25 crore in the first half as against Rs 20.7 crore in the comparable period last year, showing a growth of 21 per cent.
Meanwhile, the board of directors has appointed V. Santhanaraman, former Executive Director of Bank of Baroda, as a director.