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.

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