Shringar Cinemas Q1 net loss at Rs 8 million

MUMBAI: Shringar Cinemas Ltd. has posted a net loss of Rs. 7.8 million for the first quarter ended 30 June 2005, down from Rs. 14 million in the last quarter of 2004-05.

Revenues for the first quarter, however, increased by 20 per cent to Rs. 160.5 million, from Rs. 133.6 million during this period. "The revenue growth has been due to the sharp increase in the exhibition business aided by three of the four Fame multiplexes being fully operational during this period for the first time," the company said in a release.

Operating profits increased to Rs. 24.8 million (as against Rs. 23.4 million), led by the improved performance in the exhibition business and control over costs.

Profit-before-tax (PBT) saw a turnaround at Rs. 4.7 million in the first quarter, as against a loss of Rs. 7.5 million in the quarter ended March 31, 2005. Being in an investment phase, the company continued to be in a net loss situation.

As this is the first year of publishing the quarterly financial results after the company floated an initial public offering (IPO), comparative figures for the previous year quarter are not available.

Announcing the results, Shringar Cinemas managing director Shravan Shroff said: "Our strategy of focusing on the exhibition business has already started showing results with significant improvement in profit margins. We hope to maintain these levels in terms of both revenue growth and margins, while progressing in our growth path of being one of the leaders in the multiplex business in India."

Shringar Cinemas plans to extend its presence in Thane, Aurangabad, Hyderabad, Kolkata and Surat.

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