TIDMPKP

RNS Number : 4709M

Photon Kathaas Productions Ltd

18 September 2012

Photon Kathaas Productions

Interim results

Chennai, 18 September 2012. Photon Kathaas Productions Ltd. (AIM: PKP, "Photon Kathaas", "the Company") the South Indian film company has published its results for the six months ended 30 June 2012.

Highlights

-- Further progress in developing portfolio of South Indian language films and associated properties

- Completed fifth filmThanga Meengal

- Ekk Deewana Tha, a Hindi Co-production with Fox-Star Studios released in Feb 2012

- Commenced production of Tamilselvanum Thaniyaar Anjalum (TTA) bi-lingual (Tamil/Telugu) in June 2012

- The online trailer for Tamil (title:"NETP")/Telugu (title:"YETO") bilingual was launched on 2 September 2012 and had record views of over two million (to date) on You Tube thereby becoming one of the Top Five Most Viewed Videos on YouTube (Entertainment).

- Five films due for release in second half of 2012

   --      Financial Summary: 
 
                                  30-Jun-2012            30-Jun-2011            31-Dec-2011 
 Revenue          US$              1,372,368              1,410,679              4,138,711 
 Gross profit     US$                368,455                573,388                789,374 
 Profit before 
  tax             US$                114,621                  38,071              (348,396) 
 Profit after 
  tax             US$                  84,515                 32,957              (348,055) 
 

Michael Rosenberg, PKP Chairman said:

"I am happy to report that in first half year of the second full year of the company since it listed on AIM, PKP has not only demonstrated its ability to be a serious player in the Southern India Film production industry, but has also started to make inroads into the television (TV) market in South India.

"The first six months have been profitable and our expectation is that 2012 will continue to be a profitable year underpinned by the current production schedule and the output deals that we have put in place with leading production houses which have also substantially reduced our risks."

Enquiries

 
 Photon Kathaas 
                                              + 44 (0)20 7938 
 Michael Rosenberg                                       4026 
 Venkat Somasundaram, Chief Executive           +65 6224 4991 
 Reshma Ghatala, Head of Marketing           +91 44 2820 2988 
 
 Seymour Pierce Limited (Nomad & broker)        020 7107 8000 
 Richard Thompson /Tom Sheldon (Corporate 
  Finance) 
  David Banks (Corporate Broking) 
 
 College Hill                                   020 7457 2020 
 Adrian Duffield/Jon Davies 
 

About Photon Kathaas Productions

Photon Kathaas Productions (PKP) is a South Indian motion picture company which invests in the creation, production and exploitation of media content through a diverse portfolio of South Indian language films across different genres and budgets.

PKP 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), Vaaranam Aayiram (2008) Vinnaithaandi Varuvaayaa (2010), Ye Maaya Chesave (2010) and Nadunissi Naaygal (2011).

A. R. Rahman is PKP's creative adviser. He is an Indian film composer, record producer, musician and singer and is credited for totally overhauling the style in which music is made in India. A. R. Rahman has won two Academy Awards (Slumdog Millionaire), Twenty five Filmfare Awards, four Indian National Film Awards, a Bafta Award, two Golden Globes and two Grammy Awards.

Operational review

During the first half of the year PKP made further progress in developing its portfolio of South Indian language films (and associated properties) and diversified into television production with a contract for a new format reality TV show. The Company now has five films due for release in the second half of the year.

During the period, the Company released its previously announced Hindi co-production with Fox Star Studios "Ekk Deewana Tha". As indicated in the full year results dated 28 May 2012, the film did not perform to expectations at the box office. As a result, PKP had recorded impairment against "Ekk Deewana Tha" in its results for the year end 31 December 2011. Revenues of US$ 355,617 were recognised in first half of 2012 relating to this film release.

PKP's fifth filmThanga Meengal, a small budget Tamil film, directed by Mr. Ram, was completed during the first half of 2012 and is now ready for release (expected in the second half of 2012). The audio rights have been sold to Sony Music for approximately US$ 10,000 and the TV rights sold to Sun TV for approximately US$ 272,000. The revenue from these rights will be recognised in the last quarter of the second half of 2012 when the film is released.

Further progress was made with the filming of Nee Thane Enn Ponn Vasantham "NETP" a Tamil / Telugu bi-lingual (Telugu title "YETO") which is being directed by Gautham Vasudev Menon, PKP's Chief Creative Officer. Approximately 80% of the movie is now complete. These productions have been fully financed by third parties and PKP will receive production fees plus a share in profits. Total production costs are approximately US$2,585,000. The music of this bi-lingual film was launched on a grand scale on 1 September 2012 with a live performance at Jawaharlal Nehru Indoor Stadium, Chennai by the Anglo-Indian Music Production, the London orchestra that recorded the original soundtrack. The online trailer of these films was released on 2 September 2012 and has received record views of over two million (to date) on YouTube, thereby becoming one of the Top Five Most Viewed Videos on YouTube (Entertainment). The film is currently slated for release in both languages in the second half of 2012.

In June 2012 PKP commenced production of Tamilselvanum Thaniyaar Anjalum (TTA) a medium budget bi-lingual (Tamil/Telugu) film (with a budget of approximately US$ 2,545,000) being directed by Mr.Prem Sai. The audio rights of the film have already been sold to Sony Music (for approximately US$ 50,000) and the TV rights of the Tamil version have been sold to Sun TV for approximately US$ 636,000. The Telugu TV rights are still under negotiation. PKP has not recognised these revenues in these half yearly numbers. The film is expected to be released in both languages in the last quarter of the second half of 2012.

PKP has signed actor Suriya, a leading South Indian actor, for a large budget Tamil film (currently untitled) to be directed by Gautham Vasudev Menon. This film is expected to go into production during the first half of 2013.

Yohan: Adhyaayam Ondru - the large budget Tamil film earlier announced by PKP (as a co-production with Eros) has been shelved due to script and scheduling issues. PKP is in discussions with the actor on an alternate script and a formal announcement is expected during the first week of October 2012.

On 29 May 2012 PKP announced its first foray in Television with a contract for a new format TV reality show called "Sitaara". The show is a search for the next South Indian star (actress) and is a co-production between PKP and Big Daddy Productions. The show is in pre-production and will commence production during the second half of 2012 with a TV telecast during the first half of 2013. The show will be telecast on Sun TV (the leading television channel in South India). Plans are to launch regional versions of the show in other South Indian languages. PKP expects to launch other television shows in partnership with other prominent TV channels (for 2013). PKP will receive a production fee and share in the revenues but will take no financial risk on costs.

Financial review

Revenue of US$ 1,372,368 was generated during the period compared with revenue of US$ 1,410,679 in the same period of the previous year.

A gross profit margin of US$ 368,445 (27%) was achieved as against US$ 573,388 (41%) in the same period of the previous year.

By keeping a very tight control on costs, Photon Kathaas reported profits before tax of US$ 114,621 (8% of total revenue) as against US$ 38,071 (3% of total revenue) in the same period of the previous year.

Earnings per share more than doubled and stood at 0.393 cents as compared to 0.154 cents in the same period of the previous year.

Net assets were US$ 625,012 compared to US$ 1,093,328 in the same period of previous year.

Cash as at 30 June 2012 was US$ 102,366 (30 June 2011 - US$ 161,366) but trade receivables as at that date were US$ 765,760 (30 June 2011 - US$ 945,328). There was a net current asset surplus over current liabilities of approximately US$ 590,773 as at the accounting date (30 June 2011 - US$ 1,046,412). Inventory, which is the value of work in progress of two movies, amounted to US$ 570,362 (30 June 2011 - US$ 1,346,454) from Thanga Meengal US$ 362,359 (30 June 2011- US$ 264,030) and bilingual TTA US$ 208,003 (30 June 2011 - nil).

Current trading and outlook

The second half of the current financial year is expected to see increases in revenues and profits from the release of the ongoing productions outlined above.

The profile of PKP as a listed company with a proven high quality management and creative team has already begun to attract many potential new projects. On the back of the 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 2012 and a good start to 2013.

Venkat Somasundaram

Chief Executive

Consolidated interim statement of financial position

 
                                           (Unaudited)     (Unaudited)           (Audited) 
                                 Notes    30 June 2012    30 June 2011    31 December 2011 
                                                  US $            US $                US $ 
 ASSETS 
 Non-current assets 
 Property, plant and 
  equipment                                      2,554           3,535               2,349 
 Intangible assets                              10,000          10,827              10,000 
 Prepaid expenses                               21,802          37,894              20,665 
 Deferred tax asset                3                 -               -                 115 
                                        --------------  --------------  ------------------ 
 Total non-current assets                       34,356          52,256              33,129 
                                        --------------  --------------  ------------------ 
 
 Current assets 
 Trade receivables                             765,760         945,238             556,912 
 Other current assets                        1,064,905         136,678             486,552 
 Inventories                                   570,362       1,346,454             576,758 
 Cash and cash equivalents                     102,366         161,336             114,076 
                                        --------------  --------------  ------------------ 
 Total current assets                        2,503,393       2,589,706           1,734,298 
 
 
 Total Assets                                2,537,749       2,641,962           1,767,427 
                                        ==============  ==============  ================== 
 
 EQUITY AND LIABILITIES 
 
 SHAREHOLDERS' EQUITY 
 Share capital                     2         1,454,884       1,402,016           1,442,395 
 Retained earnings                           (570,198)       (273,700)           (654,712) 
 Foreign exchange reserve                    (286,756)        (45,763)           (249,225) 
 Other reserves                                 27,082          10,775              18,917 
                                        --------------  --------------  ------------------ 
 Total Shareholders' 
  equity                                       625,012       1,093,328             557,375 
                                        --------------  --------------  ------------------ 
 
 LIABILITIES 
 Non-current liabilities 
 Deferred tax liability            3               117           5,340                   - 
                                        --------------  --------------  ------------------ 
                                                   117           5,340                   - 
 Current liabilities 
 Trade and other payables                    1,912,620       1,543,294           1,210,052 
                                        --------------  --------------  ------------------ 
                                             1,912,620       1,543,294           1,210,052 
 
 
 Total Liabilities                           1,912,737       1,548,634           1,210,052 
 
 
 Total Equity and Liabilities                2,537,749       2,641,962           1,767,427 
                                        ==============  ==============  ================== 
 

Consolidated interim statement of comprehensive income

For the six month period ended 30 June 2012

 
                                 Notes 
 
                                         (Unaudited)     (Unaudited) 
                                          Six months      Six months      (Audited) 
                                               ended           ended     Year ended 
                                             30 June         30 June    31 December 
                                                2012            2011           2011 
                                                US $            US $           US $ 
 CONTINUING OPERATIONS 
 Revenue                                   1,372,368       1,410,679      4,138,711 
 
 Cost of sales                           (1,003,923)       (837,291)    (3,349,337) 
 
 Gross profit                                368,445         573,388        789,374 
 Distribution costs                                -       (148,656)      (314,947) 
 
 Administrative expenses                   (253,824)       (386,661)      (822,823) 
 
 Profit / (loss) before 
  tax                                        114,621          38,071      (348,396) 
 Income tax (expense) / 
  benefit                           3       (30,106)         (5,114)            341 
                                        ------------  --------------  ------------- 
 
   Profit / (loss) for the 
   period attributable to 
   the owners of the parent                   84,515          32,957      (348,055) 
 Other comprehensive income 
 Foreign exchange translation 
  differences                               (37,531)         (6,344)      (209,806) 
 
 Total comprehensive profit 
  / (loss) for the period 
  attributable to the owners 
  of the parent                               46,984          26,613      (557,861) 
                                        ============  ==============  ============= 
 
 Earnings / (loss) per share 
 
      (a) Basic                     4          0.004           0.002        (0.016) 
 
      (b) Diluted                   4          0.004           0.002        (0.016) 
                                        ============  ==============  ============= 
 

Consolidated interim statement of cashflows

For the six month period ended 30 June 2012

 
                                Notes 
 
                                        (Unaudited)     (Unaudited) 
                                         Six months      Six months      (Audited) 
                                              ended           ended     Year ended 
                                            30 June         30 June    31 December 
                                               2012            2011           2011 
                                               US $            US $           US $ 
 
 Net cash used in operating 
  activities                       5       (10,322)       (966,146)      (984,832) 
                                       ------------  --------------  ------------- 
 
 Cash flow from investing 
  activities 
 Purchase of property, plant 
  and equipment                               (532)         (1,649)          (934) 
                                       ------------  --------------  ------------- 
 Net cash used in investing 
  activities                                  (532)         (1,649)          (934) 
 
 Net change in cash and 
  cash equivalents                         (10,854)       (967,795)      (985,766) 
 Cash and cash equivalents 
  at the beginning of the 
  period                                    114,076       1,116,254      1,116,254 
 Effect of foreign exchange 
  rate changes                                (856)          12,877       (16,412) 
                                       ------------  --------------  ------------- 
 Cash and cash equivalents 
  at the end of the period                  102,366         161,336        114,076 
                                       ============  ==============  ============= 
 

Notes to the consolidated interim financial statements

For the six month period ended 30 June 2012

   1.      Profile and basis of preparation 

Photon Kathaas Productions Limited ("PKP" or "the Company") is a Singapore registered company. The Company's registered office is situated at 31 Cantonment Road, Singapore 089747.

The principal activities of the Company and its subsidiaries (the "Group") are those relating to the business of production and co-production of films primarily targeted at the South Indian audience of varying genre, language and budget.

The interim financial statements for the period ended 30 June 2012 and comparative numbers have been prepared using accounting policies as are applied in the Company's annual financial statements and in accordance with International Financial Reporting Standards (IFRS). These interim financial statements do not contain sufficient information to constitute an interim financial report as that term is defined in International Accounting Standard 34. The IFRS that will be effective in the financial statements to 31 December 2012 are still subject to change and to the issue of additional interpretation(s) and therefore cannot be determined with certainty. Accordingly, the accounting policies for that annual period that are relevant to the interim financial information will be determined only when the IFRS financial statements are prepared at 31 December 2012.

The consolidated interim financial statements have been prepared on the historical cost basis and going concern basis of accounting which assumes adequate financial resources are available to the Group for the period of twelve months from the date of issue of these interim financial statements. The Directors have prepared forecasts and projections which show that the Group will be able to operate within the existing cash available and generated through the future release of movies.

The financial information set out herein is based on the transactions of the Group, which consists of the Company and its subsidiaries: Photon Kathaas International Productions Limited, Singapore and Photon Kathaas Production Private Limited, India. The transactions and balances between the entities have been eliminated in the preparation of the consolidated interim financial statements.

The consolidated interim financial statements of the Group for the six months to 30 June 2012 and comparative numbers, unless indicated, are unaudited and do not comprise the Group's statutory accounts within the provision of the Singapore Companies Act, Chapter 50.

The numbers pertaining to 31 December 2011 were audited and the accounts approved by the shareholders on 28 May 2012.

   2.      Share capital 

PKP which is incorporated in Singapore is not required to have authorised share capital under the national jurisdiction. There is also no concept of a par value for the shares. For all matters submitted to vote in the shareholders meeting, every holder of the equity shares, as reflected in the records of the company on the date of the shareholders meeting has one vote in respect of each share held. All shares are equally eligible to receive dividends and the repayment of capital in the event of liquidation of companies.

Issued, paid up and allotted share capital:

 
 Issued, allotted and fully paid        Number of shares                 US $ 
 Subscribers shares                               10,000                  100 
 Allotment of shares on 26 April 
  2010                                         1,088,900               10,889 
 Allotment of shares on 17 September 
  2010                                           401,800                4,018 
 Allotment of shares on 17 September 
  2010                                           139,409                1,394 
                                               1,640,109               16,401 
-------------------------------------  -----------------  ------------------- 
 Split ratio of 10:1 on 17 September 
  2010                                        16,401,090               16,401 
 Allotment of shares on 4 November 
  2010                                         4,894,301            2,398,208 
-------------------------------------  -----------------  ------------------- 
 As at 31 December 2010                       21,295,391            2,414,609 
 Allotment of shares on 17 February 
  2011                                            68,071               33,355 
 Allotment of shares on 16 June 
  2011                                            47,665               23,356 
 Allotment of shares on 4 August 
  2011                                            34,182               16,750 
 Allotment of shares on 8 December 
  2011                                            48,223               23,628 
-------------------------------------  -----------------  ------------------- 
 As at 31 December 2011                       21,493,532            2,511,698 
-------------------------------------  -----------------  ------------------- 
 Allotment of shares on 8 February 
  2012                                            25,487               12,489 
-------------------------------------  -----------------  ------------------- 
 As at 30 June 2012                           21,519,019            2,524,187 
=====================================  =================  =================== 
 

The allotments made during the period were all in lieu of salary to non-executive director Nathalie Schwartz (5,781 shares) and Eastkings Ltd on behalf of non-executive director Michael Rosenberg (19,706 shares). No cash consideration has been received for the shares issued to the directors.

   3.      Income tax 

The income tax expense comprises:

   a.       Current tax 
   b.       Deferred tax 

The current tax expense for the period is US$ 29,989 on the profits of the Indian subsidiary after setting off of the carry forward of losses from the previous year.

The deferred tax liability is on account of:

 
                                 Six months      Six months     Year ended 
                                      ended           ended    31 December 
                               30 June 2012    30 June 2011           2011 
                                        US$             US$            US$ 
 Liability 
 Difference between tax 
  and book written down 
  value of tangible assets            (117)         (5,340)              - 
 Deferred tax liability               (117)         (5,340)              - 
                             ==============  ==============  ============= 
 

The deferred tax asset not recognised comprises of US$ 29,032 relating to the Singapore entities all relating to tax losses. The Singapore entities have an indefinite period of carry forward benefit of the losses. The tax on the India entity is after setting off the carry forward benefit of loss of previous years.

The tax expense on the results of the period varies from the amount of income tax determined by applying the statutory rates of income tax applicable in the various jurisdictions in which the group operates and result of the following:

 
                                    Six months      Six months           Year ended 
                                         ended           ended     31 December 2011 
                                  30 June 2012    30 June 2011 
 
 Income / (loss) before 
  tax                                  114,621          38,071            (348,396) 
                                ==============  ==============  =================== 
 
 Tax at statutory 
  rate                                  59,156          34,130             (62,829) 
 Tax effect on non-deductible 
  expenses                                   -               -                1,878 
 Deferred tax asset 
  not recognised                        29,032          27,353               61,292 
 Deferred tax recognised              (58,082)        (56,369)                    - 
                                --------------  -------------- 
                                        30,106           5,114                  341 
                                ==============  ==============  =================== 
 

Income tax is based on tax rates applicable on the consolidated Statement of Comprehensive Income in various jurisdictions in which the Group operates. The effective tax at the domestic rates applicable to profits in the country concerned as shown in the reconciliation above have been computed by multiplying the accounting profits with effective tax rate in each jurisdiction in which the group operates. The individual entity amounts have then been aggregated for the consolidated financial statements. The effective tax rate applied in each individual entity has not been disclosed in the tax reconciliation above as the amounts aggregated for individual group entities would not be a meaningful number.

   4.      Earnings per share 

(a) Basic

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the period.

 
                                                  Six months 
                                    Six months         ended     Year ended 
                                         ended       30 June    31 December 
                                  30 June 2012          2011           2011 
                                           US$           US$            US$ 
 Profit / (loss) attributable 
  to equity holders 
  of the company                        84,515        32,957      (348,055) 
                                --------------  ------------  ------------- 
 
 Weighted average number 
  of ordinary shares 
  in issue                          21,513,698    21,349,736     21,397,902 
                                ==============  ============  ============= 
 

(b) Diluted

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company's average share price for the period ended 30 June 2012 was lower than the exercise price of stock options in issue during the period. As a result, the stock options are not considered to be dilutive.

 
                                                  Six months 
                                    Six months         ended     Year ended 
                                         ended       30 June    31 December 
                                  30 June 2012          2011           2011 
                                           US$           US$            US$ 
 Profit / (loss) attributable 
  to equity holders of 
  the company                           84,515        32,957      (348,055) 
                                --------------  ------------  ------------- 
 
 Weighted average number 
  of ordinary shares in 
  issue                             21,513,698    21,349,736     21,397,902 
                                ==============  ============  ============= 
 
   5.      Cash generated from / (used in) operations 
 
                                   Six months      Six months               Year ended 
                                        ended           ended              31 December 
                                 30 June 2012    30 June 2011                     2011 
                                         US $            US $                     US $ 
                               --------------  --------------  ----------------------- 
 Operating profit / (loss) 
  before tax                          114,621          38,071                (348,396) 
                               --------------  --------------  ----------------------- 
 
 Foreign exchange loss                  1,699               -                    3,859 
 Depreciation of property, 
  plant and equipment                     328             722                    1,193 
 Amortisation of intangible 
  assets                                    -             828                    1,655 
 Share based payment expense            8,165           8,143                   16,285 
 Issue of share capital 
  in lieu of salary payable            12,489          56,710                   97,089 
 Increase in receivables            (267,383)       (904,112)                (717,200) 
 Increase in inventory               (52,461)       (891,028)                (233,224) 
 Increase in trade and other 
  payables                            751,294         859,845                  661,877 
 Increase in other current 
  assets                            (578,353)       (120,328)                (470,202) 
 (Increase) / decrease in 
  other non-current assets             ( 721)        (14,997)                    2,232 
 
 Cash used in operations             (10,322)       (966,146)                (984,832) 
                               ==============  ==============  ======================= 
 
   6.      Segment information 

Management has determined the operating segments based on the reports reviewed by the board of directors that is charged with the strategic decision making process for the Group. Management has considered the basis of reports that are expected to be reviewed by the board when the business enters the revenue earning stage of its business cycle.

The board of directors considers the business to be made up of only one segment, being revenues from films and film production and therefore business segmental reporting is not considered necessary. The board of directors also considers the revenue from various types as follows:

 
 Revenue             Six months ended   Six months ended          Year ended 
                         30 June 2012       30 June 2011    31 December 2011 
                                  US$                US$                 US$ 
 Own production                     -            881,222             806,108 
 Co-production                355,617            528,156             480,769 
 First copy basis             943,321              1,301           2,848,833 
 Others                        73,430                  -               3,001 
                    ----------------- 
                            1,372,368          1,410,679           4,138,711 
                    =================  =================  ================== 
 

All revenues are in relation to the production, co-production, first copy production, or sale of films.

In addition to this, the board also considers segmental information from a geographic perspective. Geographically, management reviews performance of the business based on India and Rest of the World ('RoW'). Management has determined the operating segments based on the reports reviewed by the board of directors that is charged with the strategic decision-making process for the Group.

The segment information based on geography as of and for the period ended 30 June 2012 is as follows:

 
                                      India         RoW         Total 
                                        US$         US$           US$ 
 Revenue                          1,372,368           -     1,372,368 
 Direct expenses                (1,003,923)           -   (1,003,923) 
                               ------------  ----------  ------------ 
 Gross profit                       368,445           -       368,445 
 
 Indirect expenses                 (75,916)   (177,908)     (253,824) 
                               ------------ 
 Profit / (loss) before 
  tax                               292,529   (177,908)       114,621 
 Income tax expense                (30,106)           -      (30,106) 
                               ------------  ----------  ------------ 
 Profit / (loss) for the 
  period                            262,423   (177,908)        84,515 
 Other comprehensive expense       (37,531)           -      (37,531) 
                               ------------  ----------  ------------ 
 Total comprehensive profit 
  / (loss)                          224,892   (177,908)        46,984 
                               ============  ==========  ============ 
 
 
                                    India         ROW         Total 
                                      US$         US$           US$ 
 
 Cash and cash equivalents         26,293      76,073       102,366 
 Non-current assets                 2,798      31,558        34,356 
 Current assets                 2,367,099      33,928     2,401,027 
                             ------------  ----------  ------------ 
                                2,396,190     141,559     2,537,749 
 
 Trade and other payables     (1,356,123)   (556,497)   (1,912,620) 
 Deferred tax liability             (117)           -         (117) 
                             ------------  ----------  ------------ 
 Net assets                     1,039,950   (414,938)       625,012 
                             ============  ==========  ============ 
 

The segment information based on geography as of and for the period ended 30 June 2011 is as follows:

 
                                    India         RoW       Total 
                                      US$         US$         US$ 
 Revenue                        1,376,489      34,190   1,410,679 
 Direct expenses                (815,397)    (21,894)   (837,291) 
                               ----------  ----------  ---------- 
 Gross profit                     561,092      12,296     573,388 
 
 Indirect expenses              (357,318)   (177,999)   (535,317) 
                               ---------- 
 Profit / (loss) before 
  tax                             203,774   (165,703)      38,071 
 Income tax expense               (5,114)           -     (5,114) 
                               ----------  ----------  ---------- 
 Profit / (loss) for the 
  period                          198,660   (165,703)      32,957 
 Other comprehensive expense      (6,344)           -     (6,344) 
                               ----------  ----------  ---------- 
 Total comprehensive profit 
  / (loss)                        192,316   (165,703)      26,613 
                               ==========  ==========  ========== 
 
 
                                  India         ROW         Total 
                                    US$         US$           US$ 
 
 Cash and cash equivalents       73,996      87,340       161,336 
 Non-current assets               4,362      47,894        52,256 
 Current assets               2,323,684     104,686     2,428,370 
                             ----------  ----------  ------------ 
                              2,402,042     239,920     2,641,962 
 
 Trade and other payables     (975,528)   (567,766)   (1,543,294) 
 Deferred tax liability         (5,340)           -       (5,340) 
                             ----------  ----------  ------------ 
 Net assets                   1,421,174   (327,846)     1,093,328 
                             ==========  ==========  ============ 
 

The segment information based on geography as of and for the year ended 31 December 2011 is as follows:

 
                               India                 ROW             Total 
                                 US$                 US$               US$ 
 Revenue                   4,104,213              34,498         4,138,711 
 Direct expenses         (3,327,443)            (21,894)       (3,349,337) 
                       -------------  ------------------  ---------------- 
 Gross Profit                776,770              12,604           789,374 
 Intercompany income 
  / (expenses)             (150,000)             150,000                 - 
 Distribution costs        (314,947)                   -         (314,947) 
 Indirect expenses         (338,939)           (483,884)         (822,823) 
                       ------------- 
 Loss before tax            (27,116)           (321,280)         (348,396) 
 Income tax benefit              341                   -               341 
                       -------------  ------------------  ---------------- 
 Loss for the period        (26,775)           (321,280)         (348,055) 
 Other comprehensive 
  income                   (209,806)                   -         (209,806) 
                       -------------  ------------------  ---------------- 
 Total comprehensive 
  loss                     (236,581)           (321,280)         (557,861) 
                       =============  ==================  ================ 
 
 
                                  India                ROW         Total 
                                    US$                US$           US$ 
 
 Cash and cash equivalents       82,962             31,114       114,076 
 Non-current assets               2,349             30,665        33,014 
 Deferred tax asset                 115                  -           115 
 Current assets               1,581,703             38,519     1,620,222 
                             ----------  -----------------  ------------ 
                              1,667,129            100,298     1,767,427 
 
 Trade and other payables     (686,553)          (523,499)   (1,210,052) 
 Net assets                     980,576          (423,201)       557,375 
                             ==========  =================  ============ 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR EAKNXFSAAEFF

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