Cinemax registers 33.57% rise in net profit


MUMBAI: Multiplex player Cinemax has registered a 33.57 per cent rise in its net profit, which stands at Rs 10.83 million (Rs 1.83 crores) at the end of Q1 FY08 as compared to Rs 10.37 million (Rs 1.37 crores) for the same period last year.

Cinemax chairman Rasesh B. Kanakia said, “The company is pleased by the quarter’s results and sees tremendous growth opportunities in the coming fiscal as the industry movements are in our favour.”

Cinemax was listed in February 2007, wherein it raised Rs 1.085 billion (Rs 108.50 crores) from the public offer of which Rs 299.3 million (Rs 29.93 crore) have been spent in setting up new theaters.

In the long run, Cinemax plans to expand its operations on a pan India basis across 42 locations in 11 states by 2009. It is already the largest owner of theatre properties in Mumbai, with 31 screens spread over 120,000 square feet area.