Shringar posts net profit of Rs 52 million


MUMBAI: Shringar Cinemas Limited has posted a net profit of Rs 52.2 million (Rs 5.22 crores) for the first quarter of FY 2007-08 as against a net profit of Rs 12.6 million (Rs 1.26 crores) during the same period last year.

Currently, the company operates 11 properties with 39 screens and is planning to add eight multiplexes, spread out across cities like Kolkatta, Bangalore, Chandigarh, Mumbai, which would add 29 screens opening in the forthcoming quarters of the year.

The company’s total revenues rose by 82 per cent year-on-year at Rs 231.7 million (Rs 23.17 crores) against Rs 127 million (Rs 12.70 crores). The company’s operating profit grew to Rs 77.3 million (Rs 7.73 crores) as compared to operating profit of Rs 33.8 million (Rs 3.38 crores) in the same period last year.

The company’s operating profit margin (excluding non – operational other income) increased by one per cent to 19 per cent as against 18 per cent on a year-on-year basis.

Shringar Cinemas managing director Shravan Shroff said, “We have continued our growth in the first quarter of this fiscal on the back of improved occupancies and higher realisation from tickets and F&B. We are in for exciting times with an additional 10 sites (comprising an additional 36 screens), which are expected to commercially open in the forthcoming three quarters.”