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.
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.
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.
came down to Rs 445.6 million, from Rs 822.5 million, mainly due to unavailability
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.
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.
total expenditure of the company came down to Rs 602.5 million, as against Rs
806.2 million in the previous fiscal.
company disclosed that 5.27 per cent (or 500,000 shares) of promoters 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.
movie production and distribution business, operating loss narrowed to Rs 17.1
million, from prior years Rs 34 million. The capital employed till 30 June
was Rs 402.6 million.
has 108 screens in India, including 13 operated by its subsidiaries. Its 46 screens
are enjoying entertainment tax exemption, the company said.