Eros International Swings to Quarterly Loss

Film and entertainment group Eros International Plc on Monday swung to a loss in the fourth quarter due to an impairment charge and a rise in costs, sending its U.S-listed shares down more than 6% in premarket trade, Reuters reported. The company, which owns a vast library of Bollywood movies and music, has been struggling after a rating agency categorised its Indian subsidiary’s debt at “default” levels due to delays in payments. Eros has been placing its bets on its digital streaming unit, Eros Now, to gain market share, especially in India, where it rivals Star India’s streaming platform Hotstar, Netflix Inc and Amazon Prime. Eros said the unit had 18.8 million subscribers at the end of the quarter. Eros said it booked an impairment loss totalling $423.3 million during the quarter, mainly due to high discount rates and “changes in the market conditions.” Read more