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Saregama posts Rs 65 lakh Q1 loss

KOLKATA: The board directors of Saregama India Ltd (SIL) has recommended 30 per cent dividend for the year ended March 31, 2001, same as last year.

The board also noted that the company incurred a loss of Rs 65 lakh in the first quarter of 2001-02 following a 25 per cent drop in volume sales of music cassettes (MC) and a 38 per cent in compact discs (CDs). During the first quarter of 2000-01, the co mpany had posted Rs 2.52 crore of net profit.

The company's net sales in the first quarter of 2001-2 amounted to Rs 25.44 crore (Rs 33.91 crore) and total income to Rs 29.68 crore (Rs 40.39 crore).

Mr A. Mitra, SIL Managing Director, attributed the unsatisfactory performance in the first quarter of the current fiscal to the absence of major releases during the period. The launch of two Hindi movies, Ishtyle and Mastana, was postponed, he said.

He said some major Hindi and Tamil films would be released in 2001-02 second half, including some A.R. Rahman releases. This would shore up the bottomline, he said.

In 2000-01, Mr Mitra said, the company's total revenue stood at Rs 179 crore (Rs 146 crore) and PBT at Rs 16.16 crore (Rs 7.27 crore). -- Our Bureau