Write-offs take bite out of Entertainment One

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LONDON (ShareCast) - Entertainment One (LSE: ETO.L - news) , the firm behind the Twilight vampire films, saw more red in the first half with losses up to £7.9m from £5.5m, as higher interest charges and write-offs offset higher revenues.

Turnover rose by 25% to £164m (2008: £131m) with underlying profits 38% higher at £9.3m. Operating cash flow rose to £28.6m (2008: £5.5m).

Entertainment One added that the second half will see a significant increase in major network shows for TV while the second in the Twilight series kicks off at the weekend.

"We are excited by the quality of our film release slate and TV delivery schedule in the second half of the year, which should see the Group releasing over 120 movies across all of our markets in the current financial year. This weekend sees the widely anticipated release in the UK and Canada of The Twilight Saga: New Moon, the sequel to the international box office success Twilight," it said.