Half year trading update (2147L)
28 Juli 2011 - 8:00AM
UK Regulatory
TIDMPKP
RNS Number : 2147L
Photon Kathaas Productions Ltd
28 July 2011
28 July 2011
Photon Kathaas Productions
Half year trading update
Chennai, 28 July 2011. Photon Kathaas Productions Ltd. (AIM:
PKP, "Photon Kathaas", "the Company") the South Indian film
company, has published a trading update for the six months to 30
June 2011. Trading in the first half has been in line with the
Board's expectations with the Company making good progress during
its first full trading year.
The Board remains confident this performance will continue
throughout the rest of the year and expects full year results to be
in line with market expectations.
As previously announced the Company completed two productions
during the period and realised total revenue of approximately
$1,270,000 with a gross margin of circa 35%. The first of the
films, "Nadunisi Naaygal", was released on 18 February 2011. The
rights for the second film "Veppam", which is scheduled for release
on 29 July 2011, have already been sold.
The shooting of the Hindi remake of Vinnai Thandi Varuvaaya,
directed by Gautham Vasudev Menon with music by A.R.Rahman has been
completed. The movie is a co-production with Fox Star Studios, a
joint venture between Twentieth Century Fox and Satellite
Television Asia Region (STAR), and is expected to be released in
the second half of 2011.
In July, PKP finalised three further production agreements:
-- The theatrical rights for the small budget Tamil movie,
"Thanga Meengal", have been sold before release. Photon Kathaas is
the sole producer of the film, which is due for release during the
second half of 2011.
-- The Company finalised a contract with R.S.Infotainment and
Sai Sarvanthi Movies to co-produce a Tamil/Telugu bilingual film
with an estimated budget of $5m. The film will be directed by
Gautham Vasudev Menon and will commence shooting from August
2011.
-- The Company has finalised a contract with a leading
production house to produce a large budget Tamil film, directed by
Gautham Vasudev Menon featuring a leading film star of the south
Indian film industry. Further details of this production will be
announced later in the year.
The film is expected to commence shooting during the first
quarter of 2012 and made at an estimated budget of $10m. The movie
will be funded by the production house with Photon Kathaas managing
the production. The Company will receive 20% of the profits.
On the back of these recently signed agreements and other new
projects currently under discussion, Photon Kathaas has a strong
production pipeline which should ensure continued good progress
during the second half of 2011 and a good start to 2012.
Photon Kathaas expects to publish its unaudited interim results
for the six months ended 30 June 2011 during the week commencing 8
August 2011.
Enquires
Photon Kathaas
Venkat Somasundaram, Chief Executive +65 6224 4991
Reshma Ghatala, Head of Marketing +91 44 2820 2988
Michael Rosenberg 020 7938 4026
Seymour Pierce Limited 020 7107 8000
Nandita Sahgal/Tom Sheldon (Corporate
Finance)
Leti McManus (Corporate Broking)
College Hill 020 7457 2020
Adrian Duffield/Jon Davies
About Photon Kathaas Productions
Photon Kathaas Productions is the first film company
specifically created to make and distribute films of different
genres to a primarily South Indian audience, speaking the
languages of Telugu, Tamil, Kannada and Malayalam.
PKP Company benefits from a special creative relationship with
its Chief Creative Officer, Gautham Vasudev Menon. Gautham is one
of the leading directors and producers in South Indian cinema. He
has been involved in nine films to date, not only as a director but
also as a screenplay writer, an executive producer and a producer.
His earlier films include: Minnale (2000), Rehna He Tera Dile Mein
(2001), Kaaka Kaaka (2003), Gharshana (2004), Vettaiyadu Vellaiyadi
(2006), Pachaikili Muthucharam (2007) and Vaaranam Aayiram
(2008).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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