MUMBAI: Soon after launching its properties in Himmatnagar and Guwhati, multiplex chain Cinemax will be launching another five properties soon. Of these, three will commence within the next two months and the rest will follow thereafter.
Cinemax is currently spread over 12 properties with 38 screens and a seating capacity of 10,800.
“We are awaiting the license for our Bandra (Kalanagar) property. It will be a single screen Red Lounge with a seating capacity of 150,” informs Cinemax chairman Rashesh Kanakia. The theatre will commence operations within the next 15 days.
“We are starting a multiplex cum shopping mall cum food court in Nagpur. This Eternity mall is an 110,000 sq ft property with a three screen multiplex. This launch will be followed with a three screen, 1000 seat multiplex in Panipat,” adds Kanakia.
In FY 2008, the company is planning to expand with 100 screens and raise it to 300 screens by FY 2010. Cinemax is targeting FY08 sales at Rs 160-170 crore. EBITDA margin are at 30-32 per cent, while net profit margin stands at 18-20 per cent.
The multiplex chain did not witness any new property launches last year, after which the management ramped up their expansion plans. “We decided to have property openings every month, from April onwards. We will also be opening a property in Faridabad and Vashi each, in the next two – three months,” informs Cinemax vice president marketing and programming Devang Sampat.
Cinemax India, which is listed on the bourses, will declare its results on 9 June. The company’s shares rose 9.29 per cent today (5 June) on the Bombay Stock Exchange, to close at Rs 168.20, which was Rs 14.30 up from its previous close of Rs 153.90.
