Photon Kathaas Productions Ltd Trading Update (3010G)
05 June 2013 - 4:00PM
UK Regulatory
TIDMPKP
RNS Number : 3010G
Photon Kathaas Productions Ltd
05 June 2013
5 June 2013
Photon Kathaas Productions Ltd.
Trading update
Photon Kathaas Productions Ltd, (AIM: PKP, "Photon Kathaas"
,"the Company"), the South Indian film production company, has now
commenced the pre-production on its latest movie, Dhruva
Natchatiram ("Pole Star"). This will star the well-known Indian
film actor, Suriya, has music by A.R.Rahman and be directed by
Gautham Vasudev Menon. The film is budgeted at approximately $9.5m
and is likely to be released early in 2014.
A small budget movie, Thanga Meengal, originally scheduled for
release last year will be released in June this year. The
theatrical rights of this movie have been pre sold. PKP has met its
profit margins for this movie.
A further two productions (bi-lingual in Tamil and Telugu) are
under production and should be ready for release in H2 2013. Their
production costs are budgeted at $3.5m.
All the above productions have been mainly funded with a mixture
of internal funds and local debt finance secured on each film with
no corporate guarantees. The finalisation of these funding
arrangements for the current and proposed productions has taken
longer than the Board anticipated.
As previously announced on 3 December 2012, PKP expects the
accounts for the year ended 31 December 2012 will report a loss,
mainly as a result of delays in the release of films planned for
that year.
Assuming that the films now in course of production are released
as currently planned, the Board still anticipates that the Company
will return to growth in 2013.
Enquiries
Photon Kathaas
Michael Rosenberg 020 7938 4026
Venkat Somasundaram, Chief Executive +65 6224 4991
Cantor Fitzgerald Europe (Nominated Adviser) 020 7894 7000
Richard Thompson /Tom Sheldon (Corporate
Finance)
David Banks (Corporate Broking)
College Hill 020 7457 2020
Adrian Duffield
This information is provided by RNS
The company news service from the London Stock Exchange
END
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