Saregama India posts a 43% drop in net profit at Rs 9 cr

Saregama India, the entertainment arm of RPG Group, has posted a drop of 43 percent in profit from operations to Rs 9 crore for the year ended March 31, 2008, from Rs 16 crore for year ended March 31, 2007.

Saregama, however, recorded 4 per cent increase in turnover, to touch Rs 143 crore for the year ended March 31, 2008, from Rs 137 crore in the corresponding previous.

According to Saregama, “The reduction in profit from operations is entirely due to charging off costs of copyright acquisition of new content in the fiscal year. These copyrights will continue to earn revenues over the years but the unrecovered investment has been charged off in the present fiscal year.”