ANI
15 Jan 2021, 18:26 GMT+10
New Delhi [India], January 15 (ANI): Multiplex player PVR Cinemas on Friday reported a consolidated net loss of Rs 49 crore for the October to December quarter against a profit of Rs 36 crore in the year-ago period.
In the previous quarter (July to September), it had reported a loss of Rs 184 crore as the outbreak of coronavirus and lockdowns hit cinema halls and retail joints.
Revenue for the December quarter totalled Rs 45 crore against Rs 915 crore year-on-year and Rs 40 crore quarter-on-quarter.
Consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss came at Rs 78 crore as compared to Rs 307 crore year-on-year.
Even as the government allowed movie theatres to re-open with 50 per cent occupancy, PVR Cinemas said it is yet to re-open 56 screens in 13 cinemas as certain rental negotiations are currently ongoing.
The company said these negotiations helped in reducing rental and common area maintenance (CAM) expenses by Rs 444 crore as compared to the nine-month period ending December 31, marking a reduction of 80 per cent.
"Consequent to being deprived of the most affordable and engrossing form of entertainment, we believe our audiences' desire to revisit cinemas is strong and there is significant pent up demand that will help our business recover," said Chairman and Managing Director Ajay Bijli.
PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Saket in New Delhi. It has organised its operations into three business segments: movie exhibition, movie production, and distribution and others. (ANI)Get a daily dose of Entertainment Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Entertainment Sun.
More InformationEVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
DUBLIN, Ireland: Post-tax profits at Ballymaloe Cookery School rose by 53 percent in 2024 to 135,952 euros, helped by the buzz around...
(New York) - China's government has erased Hong Kong's freedoms since imposing the draconian National Security Law on June 30, 2020,...
Bengaluru (Karnataka) [India], July 2 (ANI): In response to four heart attack deaths within 24 hours in Karnataka's Hassan district,...
New Delhi [India], July 2 (ANI): Lieutenant Governor of Delhi, Vinai Kumar Saxena, hailed the Rekha starrer 'Umrao Jaan' after watching...
Mumbai (Maharashtra) [India], July 1 (ANI): Ahead of the release of Anupam Kher's directorial 'Tanvi The Great', Oscar-winning sound...
Washington DC [US], July 1 (ANI): Actress Priyanka Chopra offered her fans a behind-the-scenes glimpse from her upcoming Hollywood...