PVR swings into Q1 net loss of Rs 128.6 mn

MUMBAI: The multiplex industry has been hit hard and how. PVR has slumped into losses for the first quarter ended 30 June as revenue plunged by 45.82 per cent.

The company suffered a consolidated net loss of Rs 128.6 million (after share of minority interest), as against a net profit of Rs 4.6 million a year ago.

PVR clarified, “The quarter under review was an abnormal quarter for exhibition industry due to the ongoing tussle between producers/distributors and multiplex owners over revenue sharing. Due to the above tussle no films were released across theatres during the period April to mid June. Accordingly the Company incurred losses mainly on account of decline in revenues. Hence the financial results for the current quarter cannot be effectively compared to the quarter ended 30 June, 2008.”

Total income came down to Rs 445.6 million, from Rs 822.5 million, mainly due to unavailability of movies.

“We entertained over 2.3 million patrons during the quarter under review, less by 34 per cent from FY 2008, courtesy the tiff between multiplex operators and producers. Occupancies witnessed a fall from 32 per cent to 20 per cent against similar period last year,” the company said.

Around 35 screens of PVR were shut down during the period of strike. Thus, occupancy for the quarter after factoring closed screens would be approximately 17 per cent.

Meanwhile, total expenditure of the company came down to Rs 602.5 million, as against Rs 806.2 million in the previous fiscal.

The company disclosed that 5.27 per cent (or 500,000 shares) of promoter’s stake is pledged, amounting to 2.17 per cent of the total paid up equity, as on 30 June.

The movie exhibition segment suffered an operating loss of Rs 152.6 million in the quarter as compared to an operating profit of Rs 50.6 million. The revenue from the segment was Rs 399.3 million (from Rs 627.8 million), while capital employed till 30 June was Rs 3.09 billion.

In movie production and distribution business, operating loss narrowed to Rs 17.1 million, from prior year’s Rs 34 million. The capital employed till 30 June was Rs 402.6 million.

PVR has 108 screens in India, including 13 operated by its subsidiaries. Its 46 screens are enjoying entertainment tax exemption, the company said.

Latest Reads
Box Office: A disastrous week for film exhibitors

It has been another disastrous week at the cinema halls and the wait is now on for Diwali week releases. All the releases failed to find audiences and faced the no-audience-no-show situation. The films released a week earlier were faced with the similar fate as well.

Movies Hindi
Govt says 'no mushkil' to 'Ae Dil' even as Pak industry supports Indian content ban

NEW DELHI: Although Indian is almost completely banned in Pakistan now courtesy PEMRA, in India, it became a Catch-22: give in or give up. But, ultimately Karan Johar managed to get an assurance that ‘Ae Dil hai Mushkil’ would be released as scheduled on 28 October, after the Maharashtra chief...

Movies Hindi
Sony Pictures signs three-film deal with international producers

MUMBAI: Sony Pictures International Productions (SPIP) has inked a deal with Mexico and Los Angeles-based producers Eduardo Cisneros and Jason Shuman. With this multi-picture development, the producers will write and produce three new feature films with the studio.

Movies Hollywood
31st October: Genuine effort wasted

Rather late in the day, 31stOctober is a film about the Sikh genocide of 1984 in Delhi in the aftermath of assassination of the then prime minister of India Indira Gandhi. She was killed by her security guards, who happened to be Sikh. That assassination, again, is attributed to the anger of the...

Movies Hindi
TV premiere of Daniel Craig's 'Spectre' on 23 October

Movies Now is all geared up to air the television premiere of the Daniel Craig starrer James Bond movie Spectre. With Diwali round the corner, the movie will hit the TV screens on 23 October at 1 pm and a repeat telecast at 9 pm.

Movies Hollywood
Jio MAMI: Royal Stag Barrel joins Star to promote short films

The Jio MAMI 18th Mumbai Film Festival with Star has managed to involve Royal Stag Barrel Select Large Short Films to provide a platform within the short films category.

Movies Hindi
India against obstructing Fawad film; Maharashtra assures 'protection'

Even as PEMRA's ban on Indian content looms, the Indian Government has made it clear that it will not create any impediment for the release of producer-director Karan Johar’s 'Ae Dil Hai Mushkil’ starring popular Pakistani actor Fawad Khan, among others.

Movies Hindi
'Thithi' to open Dharmashala fest; to screen 45 features and shorts

A total of 45 features and shorts are to screened at the fifth Dharamshala International Film Festival (DIFF) to be held from 3 to 6 November.

Movies Hindi
New films: The business of a few lakhs

The dull pre-Diwali period has taken its toll. The films released recently as well as last Friday have fallen like nine pins. Some of these have been forced to commit hara-kiri as they would not be able to get playtime at the cinemas in peak period when the flow of star cast films is regular. The...

Movies Hindi

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories