Mumbai: In-cinema advertising company UFO Moviez has announced its financial results for the quarter and year ended 31 March 2022. The company’s consolidated revenue for the quarter stood at Rs 56.1 crore. The company reported a loss of Rs 18.9 crore.
As per the statement, “Theatrical and advertisement revenues continued to remain impacted due to the third wave of Covid-19 pandemic fuelled by the omicron variant. As a result of this new wave and ensuing restrictions, business operations were affected in January and most of February.”
The company’s consolidated revenue for the financial year stood at Rs 163.9 crore. It reported a loss of Rs 86.9 crore for the year.
UFO Moviez joint managing director Kapil Agarwal said, “Despite beginning the year on a muted note due to the impact of the second wave of the pandemic, the second half of the year has witnessed an uptick in the recovery. This was despite the third wave of the pandemic affecting business operations in January and for most of February.”
He added, “Easing of occupancy restrictions and steady release of movies have led to a bounce back in CDC revenues, while advertisement revenues have also begun to see a gradual uptick. In the last few months, several movies irrespective of the budget and genre have been huge hits, proving that moviegoers are returning to theatres in large numbers. In addition, the acceptance of mass appeal in South and other regional movies across India is a healthy sign of the industry's expansion. It will benefit all industry participants.”