Photon Kathaas Productions Ltd Trading Update (3010G)

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

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