Galaxy Entertainment Corp posts 250% jump in net profits

Mumbai: Galaxy Entertainment Corporation Ltd (GECL), India''s premier professional entertainment company, has declared a net profit of Rs 1.06 crore for year ending 31 March 2003, as per its unaudited results. The profit after tax has shown a whopping rise of 250 per cent over the last year.

The income from operations has more than doubled this fiscal to Rs 8.26 crore from Rs 4.39 crore last year. According to the unaudited results, the operating profits (profit before depreciation and taxation) of GECL is Rs 2.20 crore for the year ended 31 March 2003.

GECL is a premier professionally managed leisure and entertainment organisation. In May 1999, it set up South East Asia''s largest and most comprehensive single indoor provider of entertainment, the bowling company.

The bowling company in central Mumbai boasts of features like the widest product offering, the largest sports bar, largest banquet venue with multiple offerings, maximum number of bowling lanes.

It records half a million footfalls annually. GECL has also set up Rain, an upmarket ''bar and eatery'' in North Mumbai. It has also ventured into production of movies with an international professional approach.

GECL is a unique joint venture partnership created by the Chatterjee group, international venture capitalists specialising in investments and technology, and the Ruias, owners of the Phoenix Mills.