Television

Shringar Cinemas' Q3 revenue doubles to Rs 80 million

MUMBAI: Shringar Cinemas Ltd. has posted a revenue of Rs 80 million for the third quarter ended 31 December 2005, up from Rs 39 million a year ago.

In the quarter, the net profit was adversely impacted due to absorption of entire costs of the new multiplexes as well as loss in revenues during the renovation period. The company undertook extensive renovation of its flagship multiplex, Fame Adlabs in Mumbai and also introduced Fame in Kolkata. "The benefits of these are likely to accrue in the forthcoming quarters. Operating losses reduced significantly by 83 per cent during this period," the company said in a release.

Announcing the results, Shringar Cinemas managing director Shravan Shroff said, “We have continued our revenue growth in a tough quarter. Despite competitive challenges, the company is in line with its plans to open more properties in FY 06-07. Our thrust is to expand presence & achieve sizeable market share in key cities while continuing to garner greater share from the existing properties.” 

For the nine-month period, the revenues rose 280 per cent to Rs 235 million as against Rs 62 million during this period.

Shringar Cinemas is also considering the proposal to increase the authorised capital of Rs 500 million subject to the consent of members in the general meeting. The board, which met on 28 January, has passed an enabling resolution to seek consent of members for increasing the company's paid up capital.

The board has also passed an enabling resolution to set up a new subsidiary company.

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