STOCK MARKET BSE NSE

COVID-19 woes: PVR Cinemas reports Q4 net loss of Rs 76 crore

Total income fell to Rs 642 crore from Rs 837 crore while total expenses came down to Rs 710 crore from Rs 761 crore in the same period.

Published: 08th June 2020 06:21 PM  |   Last Updated: 08th June 2020 06:21 PM   |  A+A-

PVR Cinemas

For representational purposes

By ANI

NEW DELHI: Multiplex operator PVR Cinemas on Monday reported a net loss of Rs 76 crore in the January to March quarter as compared to a net profit of Rs 48 crore in the same quarter of previous fiscal.

Total income fell to Rs 642 crore from Rs 837 crore while total expenses came down to Rs 710 crore from Rs 761 crore in the same period.

The company said the results for Q4 FY20 are not comparable with Q4 FY19 on account of the acquisition of SPI Cinema. Besides, they are not strictly comparable on account of the adoption of Ind AS 116 leases, PVR said.

READ| Theatres will return to normalcy between June and July: PVR CMD Ajay Bijli

In August 2018, it had announced the acquisition of 71.69 per cent stake in SPI Cinemas for about Rs 633 crore in an all-cash deal. It acquired Cinemax in 2012 and took over DT Cinemas in the year 2016.

Due to Covid-19 beginning March 11, PVR Cinema started closing its screens in accordance with the order passed by several regulatory authorities. Within a few days, most of its cinemas across the country were shut down.

The company said the pandemic will adversely impact the business in the short term. However, it does not anticipate medium to long term risks in business prospects.

PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Saket in New Delhi. It currently operates a cinema network comprising 841 screens in 71 cities (India and Sri Lanka), serving 100 million patrons annually.

It has organised its operations into three business segments: movie exhibition, movie production and distribution & others. 

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp