Mumbai, May 25 (IANS): Global media and entertainment services firm Prime Focus on Thursday posted a consolidated net profit of Rs 38.7 crore for the quarter ended March 31, 2017.

The company had reported a loss of Rs 241.6 crore during the corresponding period of 2015-16.

The company's consolidated quarterly income during January-March 2017 quarter grew by 38 per cent to Rs 658.9 crore from Rs 477.8 crore.

"The financial model has just begun to unlock value and we believe that our growth and delivery from here will lead the way as we have done so far on our strategy and vision to ensure that we are a globally integrated value driver and not a low cost, low end service provider," said Namit Malhotra, founder and Executive Chairman and Global CEO of Prime Focus. 

The firm provides end-to-end creative services, technology products, production services and post-production services to the media and entertainment industry.