Mumbai: Pyramid Saimira Theatre Limited (PSTL) has posted a net profit of Rs 87 million (Rs 8.7 crores) in Q2 2008 as compared to Rs 151.10 million (Rs 15.11 crores) in the corresponding period last year.

The company registered a turnover of Rs 2.52 billion (Rs 252.25 crores) for the quarter ended 30 September, as compared to a turnover of Rs 1.44 billion (Rs 144.16 crores) for the same period last year, thereby registering a 75 per cent growth in turnover.

For the six months ended 30 September, PSTL recorded a turnover of Rs 5.02 million (Rs 502.39 crores), as compared to a turnover of Rs 2.66 million (Rs 266.89 crores) for the corresponding period last year, thereby reflecting a growth of 88 per cent.

Pyramid Saimira Group chairman P. Saminathan said, "PSTL Group in last two years was on an expansion spree and in the current fiscal year is focusing more on consolidation. We had closed on unviable screens, rationalized our expansion and started investing in measures that will improve our ARPU. As a group, we are a 360 degree entertainment group spanning across production, distribution, exhibition, post production, gaming & animation, radio, magazines, TV etc. The results announced are only for our exhibition division and we feel this year as a group we will maintain a growth rate of around 40 per cent.”

The company will undertake restoration of 250 screens across South India with a budget outlay of Rs 2 billion (Rs 200 crores) over a period of 18 months.

PSTL currently manages 4.69 lakh seats per show and during this quarter PSTL recorded close to 628.94 lakh footfalls. The average capacity utilization has been 35.9 per cent.