PVR Q1 net Rs 78.1 mn vs loss in previous quarter

MUMBAI: Cinema exhibitor PVR Limited returned to profits in the first quarter ended 30 June after a loss in the preceding quarter ended 31 March 2012.

PVR said its net profit in the first quarter was Rs 78.1 million against a loss of Rs 132.4 million in the preceding quarter. The net profit in the first quarter was down nearly 46 per cent from Rs 144.2 million a year earlier.

The company?s consolidated revenues for the first quarter were up 51 per cent to Rs 1.77 billion from Rs. 1.17 billion a year earlier.

Consolidated EBITDA for the quarter was Rs. 346 million, up 52 per cent from Rs 227.7 million a year earlier.

Commenting on the results, PVR Ltd chairman cum MD Ajay Bijli said, "The good results is a function of the 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. We are encouraged by the robust growth in footfalls and remain buoyant regarding the potential for box office success for the remainder of FY 2012-13.

The standalone revenues from exhibition/production business increased to Rs 1.59 billion from Rs 1.04 billion in the same period last year, up by 52 per cent. EBITDA for the quarter was Rs. 334.4 million as compared to Rs 195.4 million in corresponding period of last year, up by 71 per cent.

Its net profit for the first quarter was Rs 79.8 million down from Rs 224.7 million a year earlier and against a net loss of Rs 148.1 million in preceding quarter ended March 31, 2012.

The company said its exhibition business showed a growth of 33 per cent in the overall revenues driven by strong box office performance and food & beverage revenues.

During the quarter under review and subsequent period the company added 13 screens at Jalandhar, Ujjain and Ludhiana. The company at present operates 41 properties with 179 screens in 24 cities across the country.

The company has significant expansion plans and intends to add another 69 screens in the remainder of 2012-13 in key markets like Pune, Bangalore, Nagpur, Mumbai, Mysore, Bilaspur, Panipat, Kolkata and Vijayawada.

The company?s subsidiary PVR bluO is also setting up bowling centers across the country with four new centers with 80 lanes slated to open in FY 2012-13.

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