MUMBAI: Shringar Cinemas Limited has reported a consolidated net profit of Rs 97.5 million (Rs 9.75 crore) for the quarter ended 31 March 2007, as against a consolidated net loss of Rs 28.9 million (Rs 2.89 crore) during the same period last year.
Total revenues on a consolidated basis have risen by 60 per cent year-on-year at Rs 983.7 million (Rs 98.37 crore) against Rs 613.6 million (Rs 61.36 crore). The company’s consolidated operating profit grew to Rs 231.9 million (Rs 23.19 crore) as compared to consolidated operating profit of Rs 86.6 million (Rs 8.66 crore).
Shringar Cinemas Ltd managing director Shravan Shroff said, “During the quarter and year under review, the company has successfully posted profits for all quarters and has turned around totally. This has been due to opening new sites across the year, as well as keeping an eagles eye on rationalizing costs, thereby increasing operating margins. As the numbers of sites has grown incrementaly, we have been able to spread the corporate office costs across a larger base of properties. On a going ahead basis, the company along with fitting out of the already signed sites, would also look at growth coming inorganically. With rising per capita income in the country and changing consumer preferences towards multiplexes and leisure activites, the Company is confident to further strengthen its performance.”
The company opened one new property, Fame City Pulse at Anand in Q4 FY07. Currently, the company operates 11 properties with 39 screens. Currently, the company is fitting out seven multiplexes, spread out across cities like Kolkata, Banaglore, Chandigarh and Mumbai, which would add to an incremental 23 screens opening in the forthcoming quarters of the year.