PVR Q3 2008-09 total revenues up 17 per cent
Mumbai: PVR Limited announced its financial results for the quarter and nine months ended 31December, 2008.
Total Revenue from operations for the quarter ended December 2008, were Rs 7660 lakhs (up 17 per cent) as compared to Rs 6563 lakhs during the corresponding quarter ended December 2007. EBIDTA declined from Rs 1554 lakhs in Q3 2007-08 to Rs 1516 Lakhs during the quarter under review. PAT for the quarter under review was around Rs 468 lakhs before exceptional items relating to tax provision for earlier quarters. After exceptional items, the PAT for the quarter was Rs 195 lakhs.
For the nine months ended December 2008, total Revenue from operations were Rs 21672 lakhs as compared to Rs 18343 lakhs during the corresponding period ended December 2007, higher by 18%.
EBIDTA declined marginally from Rs 4420 lakhs during first nine months ended December 2007 to Rs 4368 lakhs earned this year. PAT for nine months under review was around Rs 1376 lakhs as compared to Rs 1836 lakhs during the corresponding period of previous year.
As against similar quarter last year, Q3 2008-09 was a relatively weaker quarter for the cinema exhibition industry. The quarter was marked with concerns about safety / security in the wake of Mumbai terror attacks, which impacted the occupancy levels across malls and multiplexes.
Moreover, the content pipeline was also comparatively weaker as compared to Q3 2007-08, which witnessed the release of five major hits, including Om Shanti Om, Jab We Met, Bhool Bhulaiyya, Welcome and Oscar nominated – Taare Zameen Par.
The quarter under review started with three flops – Kidnap, Hello and Drona, and witnessed only a few major releases such as Dostana, Fashion, Golmal Returns, Ghajini and Rab Ne Bana Di Jodi, with Ghajini playing only for a limited time during the quarter under review.
However, net operating income for the quarter under review grew at a robust rate of 17%, led by revenue contribution from new properties and robust growth in advertisement revenues.
During the quarter under review, PVR commenced the operations of Mumbai’s largest multiplex at Phoenix Mills in Lower Parel, Mumbai comprising seven sreens with 1847 seats. With the opening of Phoenix property, PVR now operates a network of 108 screens located at 26 locations across 14 cities in nine states and one Union Territory.
PVR chairman and managing director Ajay Bijli said, "The current year has been a challenging period for the exhibition industry, considering the weaker film performance in comparison with similar period last year and growing concerns about safety in the wake of recent terrorist attacks that affected the overall patron turnout at our cinemas. However, we have demonstrated promising growth in revenues, led by additions of new properties, higher ticket / F & B realizations and robust growth in advertisement revenues. We remain highly bullish about the long-term prospects of the film entertainment sector, especially the exhibition space, in India and expect the sector to grow at robust rate in next few years."