Pyramid Saimira Theatre posts net profit of Rs 134 million

MUMBAI: Pyramid Saimira Theatre has posted a net profit of Rs 134.90 million (Rs 13.49 crores) for the quarter ended 30 June, 2008. The company has projected an annualized growth of 30 per cent, based on the Q1 results.

The company registered a growth of 104 per cent from Rs 1.22 billion (Rs 122 crores) for the quarter ended 30 June, 2007 to Rs 2.50 million (Rs 250 crores), for the first quarter ended 30 June, 2008.

Pyramid Saimira Group chairman and managing director P. S. Saminathan said, "The first quarter of the current fiscal has been extremely eventful and our top line witnessed a growth of 104 per cent. These results are for the exhibition business alone and do not include the performance of the other subsidiaries. Our distribution, production, post production and overseas subsidiaries contributed 30 per cent towards our total top-line last year and we’re sure that these businesses will perform better this year with Pyramid Saimira planning to release some blockbuster movies in the coming quarters. We have focused on optimization and consolidation of all our resources, to the extent of relieving some unprofitable theatres and have added only 35 screens this quarter."

PSTL currently manages around 5.09 lakh seats per show and during this quarter PSTL recorded close to 603 lakh footfalls. The average capacity utilization has been 33 per cent lesser than expected, primarily due to the impact of IPL and the subsequent delay in the release of some films.  This has resulted in an EBIDTA of 11.27 per cent, which was expected to be around 18-20 per cent this year for PSTL alone. Basic EPS for the quarter ended 30 June, 2008, was Rs 4.77.

Highlighting on the projections for the fiscal 2008 – 09, "We expect significant growth for the II Quarter as we have acquired the worldwide distribution rights of superstar Rajinikanth starrer Kuselan, which is expected to be India’s highest grosser. The second and third quarters will witness more mega films, which will again help in the performance of the company in the coming Quarters. We expect to perform as per expectations this year and grow at a steady 30 per cent, based on Q1 performance," added Saminathan.

PSTL owns over 77.5 lakh square feet under operational management and 875 screens, globally, as of today.