Film production in Argentina hit another low point after Argentine Directors Association (DAC) reported that the average cost of making a local film shot up from $120,500 (pesos 1.2m) to $180,800 (pesos 1.8m).

Since the peso lost its parity with the dollar, - currently pegged at 3.6 pesos to a dollar - inflation and the spiralling costs of materials have made filmmaking more expensive.

DAC concluded that since August, local film productions would need 52.3% more admissions than early this year to recoup their costs. It urged for more state and regional support to salvage the film industry.

The good news, however, is that state-backed film institute INCAA, now under Jorge Coscia, has regained administrative control over its funds. Six years ago, the government stripped authority from then INCAA head Julio Maharbiz who was accused of misappropriating funds.