PVR Q3 consolidated net remains flat at Rs 88.9 mn

MUMBAI: Film exhibitor and production company PVR consolidated net profit remained flat at Rs 88.9 million for fiscal third quarter ending 31 December compared to Rs 89.2 million in the corresponding fiscal.

The consolidated revenues for the quarter went up by 43 per cent to Rs 2.02 billion as compared to Rs. 1.41 billion during the corresponding period of last year. Consolidated Ebitda for the quarter was up by 34 per cent to Rs 354.3 million as against Rs 263.8 million.

On a standalone basis, PVR‘s exhibition business posted a net profit of Rs 142.2 million including a one time profit of Rs 33.3 million.. Ebitda increased by 43 per cent to Rs. 345.2 million as compared to Rs 241 million in corresponding period of last year.

The exhibition business revenue increased to Rs 1.88 billion from Rs 1.28 billion in the same period last year, up 46 per cent.

PVR MD Ajay Bijli said, "We are extremely pleased that 2012 is shaping up as a great year at the box office. The revenues and profitability in the quarter and nine months has shown a robust growth over the same period last year. The good results is also 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. "

On 8 January, PVR had completed the acquisition of 69.27 per cent stake in Cinemax India from its erstwhile promoters.

In compliance with Sebi Takeover Code, the company has announced an open offer to shareholders of Cinemax India Limited for an additional 26 per cent stake, and the tendering period shall commence on 4 February.

Consequent to the said acquisition, Cinemax India has now become a subsidiary of PVR. On a combined basis, PVR and Cinemax will have a network of 351 screens spread over 85 properties in 36 cities across the country.

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