Eros International Plc to limit investment to US$225 million in fiscal 2016, down from $267.2 million invested in fiscal 2015, said Prem Parameswaran, Group Chief Financial Officer and President of North America.
“Since our near-term slate is substantially funded and the original shows pipeline for ErosNow is budgeted, we do not expect investment in content in fiscal 2016 to exceed $225 million, which is lower than the $267.2 million we spent in fiscal 2015.
“Unless we opportunistically decide to spend an additional amount on furthering our slate, ErosNow or libraries, we are on track to be free cashflow positive by the end of fiscal 2016,” he said in a financial report for the first quarter ended June 30, 2015.
“We also plan to scale our slate through Hindi and regional language expansion from around 65-70 films each in the next two years to 100-120 films in the next three to five years,” he said of plans at Eros, a leading global company in the Indian film entertainment industry.
Eros’ net income increased 246.2 per cent to US$3.8 million from US$2.6 million loss a year ago. Revenue was US$50 million, up 10.1 per cent on the year.
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