New Risk • Jul 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Shareholders have been substantially diluted in the past year (150% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). New Risk • May 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Shareholders have been substantially diluted in the past year (159% increase in shares outstanding). Ankündigung • May 22
Prime Focus Limited to Report Q4, 2026 Results on May 28, 2026 Prime Focus Limited announced that they will report Q4, 2026 results on May 28, 2026 Board Change • Mar 08
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Bjorgolfur Bjorgolfsson was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Feb 07
Prime Focus Limited appoints . Björgólfur Thor Björgólfsson as Non-Executive Director, Effective January 02, 2026 Prime Focus Limited Appointment of Mr. Björgólfur Thor Björgólfsson (DIN: 11452424) as a Non- Executive Director of the Company with effect from January 02, 2026, not liable to retire by rotation. Mr. Björgólfur Thor Björgólfsson, Iceland's first billionaire and a self- described "adventure capitalist," is a renowned entrepreneur and investor with a track record of successfully navigating frontier markets since the early 1990s. Over the past three decades, he has built a diverse and dynamic investment portfolio that spans industries from telecommunications and digital innovation to biotechnology, artificial intelligence, and sustainability. Mr. Thor's autobiography, "Billions to Bust--and Back: How I Made, Lost, and Rebuilt a Fortune, And What I Learned on the Way", first published in 2014, offers an introspective look at his remarkable journey with the second print and updated version released in December 2025. He was also honoured in the first cohort of the World Economic Forum's Young Global Leaders at DAVOS. Reported Earnings • Jan 28
Third quarter 2026 earnings released Third quarter 2026 results: Revenue: ₹12.2b (up 33% from 3Q 2025). Net income: ₹709.5m (up ₹1.31b from 3Q 2025). Profit margin: 5.8% (up from net loss in 3Q 2025). Ankündigung • Jan 20
Prime Focus Limited to Report Q3, 2026 Results on Jan 27, 2026 Prime Focus Limited announced that they will report Q3, 2026 results at 4:00 PM, Indian Standard Time on Jan 27, 2026 Reported Earnings • Nov 14
Second quarter 2026 earnings released: EPS: ₹0.10 (vs ₹1.68 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.10 (down from ₹1.68 in 2Q 2025). Revenue: ₹10.7b (up 18% from 2Q 2025). Net income: ₹36.0m (down 89% from 2Q 2025). Profit margin: 0.3% (down from 3.7% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Ankündigung • Nov 08
Prime Focus Limited to Report Q2, 2026 Results on Nov 12, 2025 Prime Focus Limited announced that they will report Q2, 2026 results on Nov 12, 2025 Ankündigung • Sep 25
Prime Focus Limited announced that it has received INR 3.90525 billion in funding from a group of investors On September 23, 2025, the company issued 14,318,750 equity shares at a price of INR 120 for aggregate proceeds of INR 1,718,250,000 in its second tranche. The transaction has been approved by the board of directors. The tranche included participation from A2R Holdings, Bresino Projects Limited, Prabhu Narasimhan and others. New Risk • Sep 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 96% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 37% per year over the past 5 years. Shareholders have been substantially diluted in the past year (96% increase in shares outstanding). Ankündigung • Sep 02
Prime Focus Limited, Annual General Meeting, Sep 30, 2025 Prime Focus Limited, Annual General Meeting, Sep 30, 2025, at 12:30 Indian Standard Time. Reported Earnings • Aug 16
First quarter 2026 earnings released: EPS: ₹2.05 (vs ₹5.27 loss in 1Q 2025) First quarter 2026 results: EPS: ₹2.05 (up from ₹5.27 loss in 1Q 2025). Revenue: ₹10.3b (up 25% from 1Q 2025). Net income: ₹618.5m (up ₹1.81b from 1Q 2025). Profit margin: 6.0% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Ankündigung • Aug 09
Prime Focus Limited to Report Q1, 2026 Results on Aug 13, 2025 Prime Focus Limited announced that they will report Q1, 2026 results on Aug 13, 2025 Ankündigung • Jul 04
Prime Focus Limited announced that it expects to receive INR 3.90525 billion in funding from a group of investors Prime Focus Limited announced a private placement to issue 32,543,750 equity shares at an issue price of INR 120 for gross proceeds of INR 3,905,250,000 on July 3, 2025. The transaction has been approved by the shareholders. The transaction includes participation from returning investors, A2R Holding and Chartered Finance and Leasing Ltd and new investors, NaMa Capital Limited, Cohesion MK Best Ideas SubTrust, Singularity Equity Fund I, Axana Estates Llp, Bresino Projects Limited, Hulino Projects Limited, Granelo Ventures Limited, Belongerio Limited, Heya Ajay Shah, RivKaran Singh Chadha, Jasmeet Kaur Chadha, Ranbir Kapoor, Prabhu Narasimhan and Bimal Parekh. New Risk • Jun 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 39% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Reported Earnings • May 28
Full year 2025 earnings released: ₹2.77 loss per share (vs ₹13.50 loss in FY 2024) Full year 2025 results: ₹2.77 loss per share (improved from ₹13.50 loss in FY 2024). Revenue: ₹36.4b (down 10.0% from FY 2024). Net loss: ₹3.77b (loss narrowed 6.8% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Ankündigung • May 22
Prime Focus Limited to Report Q4, 2025 Results on May 27, 2025 Prime Focus Limited announced that they will report Q4, 2025 results on May 27, 2025 Ankündigung • Mar 29
Prime Focus Limited Appoints Mr. Merzin Darayus Tavaria as Additional Non-Executive Director, Effective March 29, 2025 Prime Focus Limited appointed Mr. Merzin Darayus Tavaria as an Additional Non-Executive Director of the Company, liable to retire by rotation, with effect from March 29, 2025. Mr. Merzin is a visual effects stalwart and Co-Founder of Prime Focus. In a career spanning over three decades Merzin has led and inspired global teams on multiple blockbuster projects including Oscar winning movies and has mentored the careers and lives of countless artists, professionals and producers. Merzin leads the creative services function, and his many responsibilities span creative strategy, delivery planning, talent management amongst others. He is also a jury member at various film and advertising festivals and has been a speaker on many industry related events. Reported Earnings • Feb 11
Third quarter 2025 earnings released: ₹3.30 loss per share (vs ₹2.64 loss in 3Q 2024) Third quarter 2025 results: ₹3.30 loss per share (further deteriorated from ₹2.64 loss in 3Q 2024). Revenue: ₹9.20b (up 7.3% from 3Q 2024). Net loss: ₹601.8m (loss widened 8.8% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Ankündigung • Feb 03
Prime Focus Limited to Report Q3, 2025 Results on Feb 10, 2025 Prime Focus Limited announced that they will report Q3, 2025 results on Feb 10, 2025 Reported Earnings • Nov 16
Second quarter 2025 earnings released: EPS: ₹1.68 (vs ₹8.58 loss in 2Q 2024) Second quarter 2025 results: EPS: ₹1.68 (up from ₹8.58 loss in 2Q 2024). Revenue: ₹9.07b (down 13% from 2Q 2024). Net income: ₹334.0m (up ₹2.54b from 2Q 2024). Profit margin: 3.7% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Ankündigung • Nov 08
Prime Focus Limited to Report Q2, 2025 Results on Nov 14, 2024 Prime Focus Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Ankündigung • Sep 03
Prime Focus Limited, Annual General Meeting, Sep 30, 2024 Prime Focus Limited, Annual General Meeting, Sep 30, 2024, at 12:30 Indian Standard Time. Board Change • Aug 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent & Non-Executive Director Dev Devarajan was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 10
First quarter 2025 earnings released: ₹5.27 loss per share (vs ₹2.41 loss in 1Q 2024) First quarter 2025 results: ₹5.27 loss per share (further deteriorated from ₹2.41 loss in 1Q 2024). Revenue: ₹8.24b (down 33% from 1Q 2024). Net loss: ₹1.19b (loss widened 75% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Ankündigung • Aug 10
Prime Focus Limited Announces Resignation of Vibhav Parikh as Non-Executive Director Prime Focus Limited at its board meeting held on August 9, 2024 took note of the resignation of Mr. Vibhav Parikh (DIN: 00848207) as a Non-Executive Director of the Company, with effect from August 09, 2024, due to his other professional commitments. Ankündigung • Aug 02
Prime Focus Limited to Report Q1, 2025 Results on Aug 09, 2024 Prime Focus Limited announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • Jun 05
Full year 2024 earnings released: ₹16.31 loss per share (vs ₹4.92 profit in FY 2023) Full year 2024 results: ₹16.31 loss per share (down from ₹4.92 profit in FY 2023). Revenue: ₹40.6b (down 13% from FY 2023). Net loss: ₹4.05b (down 375% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Ankündigung • May 25
Prime Focus Limited to Report Q4, 2024 Results on May 30, 2024 Prime Focus Limited announced that they will report Q4, 2024 results on May 30, 2024 Ankündigung • Feb 14
Prime Focus Limited to Report Q3, 2024 Results on Feb 13, 2024 Prime Focus Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Reported Earnings • Feb 14
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₹8.57b (down 23% from 3Q 2023). Net loss: ₹552.9m (down 438% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jan 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Ankündigung • Oct 28
Prime Focus Limited to Report Q2, 2024 Results on Nov 03, 2023 Prime Focus Limited announced that they will report Q2, 2024 results on Nov 03, 2023 New Risk • Oct 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹98.00, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 39x in the Entertainment industry in India. Total returns to shareholders of 166% over the past three years. Ankündigung • Sep 05
Prime Focus Limited, Annual General Meeting, Sep 29, 2023 Prime Focus Limited, Annual General Meeting, Sep 29, 2023, at 12:30 Indian Standard Time. Reported Earnings • Aug 12
First quarter 2024 earnings released: ₹2.41 loss per share (vs ₹1.63 loss in 1Q 2023) First quarter 2024 results: ₹2.41 loss per share (further deteriorated from ₹1.63 loss in 1Q 2023). Revenue: ₹12.3b (up 20% from 1Q 2023). Net loss: ₹681.0m (loss widened 51% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Aug 05
Prime Focus Limited to Report Q1, 2024 Results on Aug 11, 2023 Prime Focus Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹123, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 47x in the Entertainment industry in India. Total returns to shareholders of 383% over the past three years. Recent Insider Transactions • Jun 14
Insider recently sold ₹1.2m worth of stock On the 6th of June, Kiran Sharma sold around 12k shares on-market at roughly ₹101 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹2.2m more than they bought in the last 12 months. Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: ₹6.49 (vs ₹5.73 loss in FY 2022) Full year 2023 results: EPS: ₹6.49 (up from ₹5.73 loss in FY 2022). Revenue: ₹46.6b (up 38% from FY 2022). Net income: ₹1.47b (up ₹3.19b from FY 2022). Profit margin: 3.2% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 60% per year, which means it is well ahead of earnings. Ankündigung • May 31
Prime Focus Limited Announces Executive Changes Prime Focus Limited at the meeting of the Board of Directors held on May 30, 2023, took note of the resignation of Mr. Padmanabha Gopal Aiyar as a Non-Executive Independent Director of the Company, with effect from closure of business hours of May 30, 2023, due to his other professional commitments. Mr. Padmanabha Gopal Aiyar has also informed that there are no other material reasons for his resignation other than as stated above. Took note of the resignation of Mr. Ramakrishnan Sankaranarayanan as a Non- Executive Director of the Company, with effect from closure of business hours of May 30, 2023, due to his other professional commitments. Mr. Ramakrishnan Sankaranarayanan has also informed that there are no other material reasons for his resignation other than as stated above. Ankündigung • May 25
Prime Focus Limited to Report Q4, 2023 Results on May 30, 2023 Prime Focus Limited announced that they will report Q4, 2023 results on May 30, 2023 Reported Earnings • Feb 15
Third quarter 2023 earnings released: EPS: ₹1.40 (vs ₹0.38 loss in 3Q 2022) Third quarter 2023 results: EPS: ₹1.40 (up from ₹0.38 loss in 3Q 2022). Revenue: ₹11.1b (up 30% from 3Q 2022). Net income: ₹163.6m (up ₹283.5m from 3Q 2022). Profit margin: 1.5% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Ankündigung • Feb 08
Prime Focus Limited to Report Q3, 2023 Results on Feb 14, 2023 Prime Focus Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Recent Insider Transactions • Dec 04
Insider recently sold ₹1.0m worth of stock On the 30th of November, Kiran Sharma sold around 11k shares on-market at roughly ₹93.47 per share. This transaction amounted to 47% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹6.2m more than they bought in the last 12 months. Reported Earnings • Nov 17
Second quarter 2023 earnings released: EPS: ₹0.37 (vs ₹0.67 loss in 2Q 2022) Second quarter 2023 results: EPS: ₹0.37 (up from ₹0.67 loss in 2Q 2022). Revenue: ₹10.8b (up 39% from 2Q 2022). Net income: ₹120.0m (up ₹319.3m from 2Q 2022). Profit margin: 1.1% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Additional Non-Executive Director Vibhav Parikh was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 14
First quarter 2023 earnings released: ₹1.63 loss per share (vs ₹0.86 loss in 1Q 2022) First quarter 2023 results: ₹1.63 loss per share (down from ₹0.86 loss in 1Q 2022). Revenue: ₹10.3b (up 55% from 1Q 2022). Net loss: ₹452.3m (loss widened 101% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • May 30
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: ₹5.81 loss per share (down from ₹0.69 loss in FY 2021). Revenue: ₹34.3b (up 35% from FY 2021). Net loss: ₹1.72b (loss widened ₹1.51b from FY 2021). Revenue missed analyst estimates by 13%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. Non-Executive Director Udai Dhawan was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 28
Insider recently sold ₹1.1m worth of stock On the 24th of March, Jiten Shah sold around 14k shares on-market at roughly ₹80.38 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Feb 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: ₹0.38 loss per share (up from ₹1.13 loss in 3Q 2021). Revenue: ₹8.58b (up 45% from 3Q 2021). Net loss: ₹119.9m (loss narrowed 53% from 3Q 2021). Revenue missed analyst estimates by 13%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
First quarter 2022 earnings released: ₹0.86 loss per share (vs ₹0.15 profit in 1Q 2021) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2022 results: Revenue: ₹6.89b (up 13% from 1Q 2021). Net loss: ₹224.8m (down ₹268.2m from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 04
Full year 2021 earnings released: ₹1.87 loss per share (vs ₹2.14 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: ₹25.5b (down 13% from FY 2020). Net loss: ₹434.0m (loss narrowed 32% from FY 2020). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 20% share price gain to ₹70.45, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 27x in the Entertainment industry in India. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 33% share price gain to ₹69.00, the stock is trading at a trailing P/E ratio of 24.8x, up from the previous P/E ratio of 18.6x. This compares to an average P/E of 25x in the Entertainment industry in India. Total return to shareholders over the past three years is a loss of 27%. Is New 90 Day High Low • Feb 20
New 90-day high: ₹55.35 The company is up 44% from its price of ₹38.50 on 20 November 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 23% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: ₹51.80 The company is up 25% from its price of ₹41.35 on 29 September 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 6.0% over the same period.