Back in the black, reporting a turnaround, PAT at Rs. 1.26 crores
~ Revenues for 1st Q1 FY07 rises by100% at Rs. 12.70 crores ~
Mumbai, July 27, 2006: Shringar Cinemas Limited., one of the leading movie exhibition and distribution companies, today announced its un-audited financial results for the quarter ended June 30, 2006. The Company has reported a turnaround in profitability, registering a net profit of Rs. 1.26 crores as against a net loss of Rs. 1.22 crores during the same period last year. The Revenues rose by 100% year-on-year at Rs. 12.70 crores against Rs. 6.36 crores. The CompanyÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s Operating profit grew by 468% year-on-year to Rs. 3.38 crores up from Rs. 0.59 crores.
The growth in the revenue was driven by existing multiplexes and also due to launch of new multiplexes. The year ahead is likely to be more eventful with a series of big-ticket films scheduled to be released. The companyÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s focus on expanding its reach in to key cities would sustain the growth momentum. Apart from the Andheri multiplex Malad, Kandivali and Nashik multiplexes, which have seen tremendous increase in occupancies, have aided the revenues and profits substantially. The full benefits of Surat and Pune multiplexes would be seen in current quarter as these are launched just prior to end of June 2006.
Announcing the results, Mr. Shravan Shroff, Managing Director, Shringar Cinemas Ltd., ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œShringar Cinemas is committed to enhancing shareholders value. Our strategy to expand our reach in the key cities is paying dividend. Aside from taking the brand to new markets, the fixed corporate costs are now spread across a larger revenue base thereby boosting profitability. Shringar is committed to sustainable growth through its strategy to enter into key markets and offering state of the art multiplexes. Our thrust to expand presence and achieve sizeable market share in key cities will be sustained while continuing to garner greater share from the existing properties.ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â
About Shringar Cinemas Ltd.
Shringar Cinemas Limited, listed on the Bombay Stock Exchange and National Stock Exchange, began with acquiring programming rights for theatres across the country and in a short span of 4 years the Company has set new standards in theater content, service and film viewing experience. April 2002 witnessed the launch of the first ever state-of-the-art five-screen multiplex of Mumbai – FAME Adlabs; followed by FAME Malad at the Inorbit Mall, FAME Nashik, FAME Raghuleela in Kandivali, FAME Hiland Park in Kolkata, and FAME Jai Ganesh in Pimpri (Pune). The latest addition is the new six-screen FAME Raj Empire multiplex in Surat, which commenced operations on 23rd June 2006. Shringar Cinemas Ltd is today growing at a rapid pace with 8 new FAME properties within the next 12 months. By the end of this year, FAME would extend its presence in Thane, Dadar and Ghatkopar (Mumbai), Chandigarh, Aurangabad, Hyderabad and Kolkata. FAME has redefined the movie-viewing experience for cinema patrons and has catalyzed the explosive growth of the multiplex industry across India.
For further information, please contact: Natasha Pal at Vaishnavi Corporate Communications on 6656 8787 / 98210 67146 / Email: Natasha@vccpl.com