MUMBAI: Multiplex operator Cinemax India Ltd has posted a steep fall of 55.66 per cent in its net profit for the quarter ended 31 March 2009, standing at Rs 9.8 million as compared to Rs 22.1 million in the corresponding quarter of the previous fiscal.

Revenue rose 34.92 per cent to Rs 334.2 million during the quarter under review, compared to Rs 247.7 millon a year ago. Total expenditure surged 61.5 per cent to Rs 350.3 million, as against Rs 216.9 million. Profit before tax (PBT) came down to Rs 2.1 million, as against Rs 37 million from the year ago period.

Commenting on the results, Cinemax CFO Jeetendra Mehta said, “The company is pleased by the results and sees tremendous growth opportunities in the coming fiscal as the industry movements are in our favour. In spite of depression and tough times, we have done well and are able to offer dividends to our shareholders. As the ongoing strike is likely to end in the coming days, we will have better content and better profitability.”

For the whole fiscal, the company has posted a net profit of Rs 110.5 million, a dip of 19.52 per cent, as compared to Rs 137.3 million in the previous fiscal. Net income from operations stood at Rs 1.45 billion as against Rs 1.02 billion in the year ago period , while total expenses rose to Rs 1.33 billion from Rs 826.8 million.

The company has announced that it has 50 movies to launch within 30 weeks. At present, Cinemax has 25 properties with 74 screens while it claims that there are 300 more screens in the making.

In the segment-wise results, the company earned a revenue of Rs 341.2 million from theatrical exhibition and entertainment in the fourth quarter of FY2009, as compared to Rs 229.8 million a year ago. The company suffered an operating loss of Rs 37.1 million from this segment in the quarter.

Cinemax has also posted an operating loss of Rs 15.2 million in the distribution and production segment during the quarter under review.