Group turnover fell to $56.5m from $72.7m and gross profits were down at $31.8 compared with $43.3m a year ago.

Net debt at the end of September stood at $138.9m compared with $129.4m at the end of March.

It said the first quarter was marred by the lack of new releases following the stand-off with the national multiplex chains in India, which reached a written resolution, as announced in June.

As a result, there were only two major global Hindi releases - Kambakkth Ishq and Love Aaj Kal - in the first half, both of which are among the top grossing films this year.

Last year the company had 14 global releases in the first half compared to four this year.

Story provided by Business Financial Newswire