Mumbai: Galaxy Entertainment Corporation Ltd, a public limited company listed on the Bombay Stock Exchange, has declared a net profit of Rs 35.36 lakh as per its unaudited results for the quarter ended 30 June 2003. In the first quarter of the last fiscal (2002-03), the company had posted a loss of Rs 3.28 lakh.

The income from operations of Galaxy Entertainment has gone up to Rs 2.74 crore from Rs 1.99 crore last year. The total turnover has shown a 38-per cent per cent jump from the unaudited turnover of the first quarter of the last fiscal.

According to the unaudited results, the operating profits (profit before depreciation and taxation) of Galaxy Entertainment is Rs 62.83 lakh for the quarter ended 30 June 2003. The operating profit during this quarter has shown a considerable rise of 157 per cent over the operating profits during the first quarter of the last fiscal.

For the year ended 31 March 2003, Galaxy Entertainment posted a net profit of Rs 1.04 crore on a total turnover of Rs 10.46 crore.

The company''s current business operations include the bowling company, South East Asia''s largest and most comprehensive single indoor provider of entertainment and Rain, the upscale, trendy and stylish bar-and-eatery in north Mumbai.

Successful brands under the bowling company umbrella are the Sports Bar, the Brew Bar and the Bowling Arcade. The company is making its entry into the Indian film industry with its first Hindi movie, Khel, which will be released in October 2003.

The company has also commenced work on another entertainment centre at Andheri, to be called ''the bowling company'', which is expected to commence operations by October 2003. The unaudited results for the first quarter of this fiscal (2003-04) has not accounted for the revenues from Khel. However, the expenses incurred for the movie is included in the current asset under work-in-progress.

Galaxy Entertainment is the combined venture between the renowned Chatterjee group and the Ruia group, a leading family business group of India. The Chatterjee group builds businesses worldwide aimed at creating wealth for shareholders, employees and the community at large. The group has significant investments in India in a variety of industries and emphases on media and entertainment, which they see as a sunrise sector.

The Chatterjee group invests worldwide and is currently present in a significant way in North America, Europe, China and India. Galaxy Entertainment aims to be India''s leading entertainment and leisure company with future forays into new areas in the years to come, thus enhancing shareholder value.