Earnings Increase at Ventura Entertainment

Ventura Entertainment Group Ltd. of Burbank reported earnings of $1.1 million for its fiscal third quarter ended March 31, up sharply from the $202,456 it earned a year earlier. Revenue for the quarter jumped 170%, to $9.2 million from $3.4 million a year ago.

Ventura Entertainment attributed the increase in profits to improved results at its publicly traded subsidiaries--Harmony Holdings, a television commercial producer, and Producers Entertainment Group, a television programming and film company.

The latest quarterly results boosted Ventura Entertainment’s earnings for the nine months ended March 31 to $1.4 million, contrasted with a loss of $3.5 million for the same period a year earlier. Revenue for the nine months increased 43%, to $17.7 million from $12.4 million a year earlier.