Eros International Media, an Indian motion picture production and distribution company, on Monday reported a sharp 54.87 per cent decline in consolidated net profit at Rs 27.05 crore for the first quarter ended June 30, 2019.
"The Mumbai-based company had posted a consolidated net profit of Rs 59.95 crore during the same quarter of the previous financial year," Eros International Media said in a filing to the Bombay Stock Exchange.
Eros International Media's total income dipped by 5.93 per cent to Rs 210.29 crore in Q1FY20 versus Rs 223.57 crore in Q1FY19.
Total expenses increased to Rs 171 crore in the April-June quarter of this fiscal as against Rs 146.45 crore in the corresponding period last year.
The company in a separate filing said that Abhishekh Kanai has resigned from the post of Company Secretary and Compliance Officer, which has been accepted at the board meeting on August 12, 2019. The board has also approved the appointment of Vijay Thaker as Company Secretary and Compliance Officer with effective from August 13, 2019, it added.
Eros International Media is a media and entertainment firm which is engaged in co-production, acquisition and distribution of Indian language films in multiple formats.
Earlier in June, the company had announced a share repurchase program worth up to USD 20 million (approx Rs 138.86 crore) on the New York Stock Exchange (NYSE). The announcement came after Credit Analysis and Research Limited (CARE) downgraded the ratings assigned to the bank facilities of Eros International Media, the Indian arm of Eros International, citing delay in servicing of bank loans for the month of April 2019 and May 2019.
Edited by Chitranjan Kumar