PVR Q1 performance gains on content and ticket price hike

MUMBAI: Delhi-based multiplex major PVR has reported a first-quarter net profit of Rs 50.7 million compared to a net loss of Rs 128.5 million a year ago that was hit by a row between plexes and film producers over revenue share arrangements.

Total income jumped 131 per cent to Rs 1.03 billion, from Rs 445.6 million in the year ago period, as the premium multiplex operator hiked average ticket prices by 29 per cent. PVR‘s earlier-year quarter was badly bruised by the absence of fresh content as film producers choked supply to represent their bargaining power.

“The average ticket prices across the comparable properties in the quarter under review grew by Rs 38 (29 per cent growth) over the corresponding period of the previous year due to increase in ticket pricing across various properties across our cinema circuit,” the company said.

The company said that it entertained approximately 5.1 million patrons during the quarter under review, higher by 122 per cent over Q1 FY’10. Occupancies witnessed an increase from 19.9 per cent in Q1 FY10 to 29.3 per cent in the quarter under review.

Meanwhile, total expenditure of the company rose 63 per cent to Rs 876.3 million, as against Rs 538.9 million a year ago.

The cost on account of film distributor share went up by 183 per cent (from Rs 96.7 million to Rs 274.2 million). “During the quarter film distributor share under review increased to 28.9 per cent of operating revenue, higher by 450 bps as compared to 24.4 per cent of operating revenues during the quarter ended June 2009. This has increased partly on account of lower film hire payouts due to older films being played at cinemas in quarter ended June 09 and partly due to higher payouts to distributors on account on new revenue sharing arrangement signed between the producers/distributors and multiplex operators in Jun 2009,” the company said.

The movie exhibition segment saw a net profit of Rs 45.2 million in the quarter as compared to a net loss of Rs 130.3 million in the earlier year. The revenue from the segment was Rs 948.4 million (from Rs 395.7 million).

During the quarter under review, the company has added a total of 13 screens with 3,143 seats. As of date, PVR operates 136 screens across 32 properties and 17 cities. A total of 47 screens enjoy tax exemption.

The company is expected to commence operations in 44 new screens over the next nine months.

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