Mumbai – Media major UTV Software Communications has announced good results for Q3 ended 31 December 2008. While its television content, movies and gaming divisions are in fine fettle, its broadcasting division continues to be a drag on its profitability. UTV, which is involved in broadcasting, movies, television content, gaming and new media, notched up a growth of 10 per cent in net sales from Rs 1.2 billion to Rs 1.35 billion. Its net profit was Rs 299 million, up by 29 per cent (Rs 230.9 million, Q3 2007). This would have been higher had it not been for the losses of Rs 113 million that the broadcasting business – consisting of four channels, UTV Movies, World Movies, Bindass Movies and Bindass – notched up. Managing director Ronnie Screwvala expects the losses to continue into Q4 of this fiscal year and the following fiscal too. He however adds that he expects broadcasting to break even during Q1 of 2010-2011. Gaming segment grew manifold from Rs 82.5 million to Rs 346.1 million, with profits at Rs 12.23 million as against a loss of Rs 14.9 million. UTV’s motion pictures division reported lower revenues of Rs 321.4 million (Rs 891 million), while its television segment reported revenues of Rs 356 million with profitability at Rs 19.4 million. Its new media division reported revenues of Rs 54.6 million as against none in the previous year. Screwvala points out that the company has done even better if one considers the revenues from the nine month period (ended 31 December 2008) perspective. He indicates that the company, which has invested Rs 4.1 billion in motion pictures, Rs 3.1 billion in broadcasting, and Rs 1.3 billion in gaming can only grow when these investments start bearing fruit.