UTV Q3 consolidated net loss at Rs 96 cr

Media and entertainment firm UTV Software and Communications today reported consolidated net loss of Rs 96.19 crore for the quarter ended December 31, 2011.

The company had a consolidated net profit of Rs 39.98 crore for the same quarter last fiscal, it said in a filing to the BSE.

UTV's consolidated net sales for the quarter under review declined by 38% to Rs 158.43 crore from Rs 255.14 crore in the third quarter of previous financial year.

US-based Walt Disney Co is in the process of acquiring a controlling stake in UTV Software and Communications.

Last year, UTV had announced that Walt Disney Co has offered to buy out stakes held by public shareholders and other promoters of the company in a deal valued around Rs 2,000 crore.

Subsequently, in December, 2011, the Cabinet Committee on Economic Affairs (CCEA) approved the deal.

UTV's promoters including Rohinton Screwvala, Unilazer and Unilazer HK have already sold their shares in the company to The Walt Disney Company (South East Asia) Pte Ltd.

UTV operates in five verticals— broadcasting, games, motion pictures, digital content and television content.

The company's shares were trading at Rs 1,065.75 apiece, up 0.30% from the previous close on the BSE.