PVR Q2 net up 58% at Rs 142 mn

MUMBAI: Delhi-based multiplex major PVR has reported a second-quarter consolidated net profit of Rs 142 million (after minority interest), a 58 per cent jump from the year-ago period.

Total income, however, saw a marginal (2.7 per cent) increase to Rs 1.39 billion, from Rs 1.35 billion.

Meanwhile, total expenditure of the company stood at Rs 1.18 billon, same as the year-ago period. The cost on account of film distributor share went up from Rs 274.6 million to Rs 347.1 million.

The movie exhibition segment saw a profit of Rs 212.5 million, from Rs 154.2 million a year ago. Revenue from the segment jumped 20.6 percent to Rs 1.28 billion, as against Rs 1.06 billion in thecorresponding quarter of the previous fiscal.

PVR has deployed Rs 3.62 billion on the movie exhibition segment as of 30 September.

From the movie production and distribution business, however, the revenue came down to Rs 83.8 million (from Rs 290.2 million), while PVR‘s profit from the segment was at Rs 11.3 million, compared to Rs 8.7 million a year ago. Capital deployed on the segment was Rs 1.1 billion.

PVR joint MD Sanjeev Kumar Bijli said, "The revenues and profitability in Q2, 2011-12 has shown a robust growth over the corresponding period of previous year. The good results is a function of company‘s long term location strategy to partner in best mall developments in the country, its unique design philosophy, strong customer focus and a unique brand positioning . This is demonstrated by the fact that PVR‘s average revenue per screen across its cinema circuit is almost 30 per cent higher than our competition. Infect, in area of advertising and sponsorship revenue our total revenues for 2010-11 were more than the revenues of next three operators put together."

"The company is on a strong growth trajectory and is adding 57 new screens this fiscal year. The company‘s subsidiary PVR bluO is also setting up bowling centres across the country with three new centres with 74 lanes slated to open in current financial year," Bijli added.

During the quarter under review, the company added three new multiplex
properties with 16 screens at Udaipur, Surat and Delhi. It also opened its new flagship bowling centre with 26 lanes at Ambience Mall, Vasant Kunj.

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