PVR profit up eightfold to `58.5 crore
Revenue increased by 34% to `486.8 crore from `363.4 crore
PVR Ltd, India’s biggest movie exhibitor, on Wednesday said net profit increased by almost eightfold in the quarter ended 30 June, driven by the box office success of movies such as Piku, Fast & Furious 7, and Avengers, among others.
Net profit rose to ₹ 58.5 crore in the quarter from ₹ 7.5 crore in the year-ago period. Revenue increased by 34% to ₹ 486.8 crore from ₹ 363.4 crore.
“This has been one of the best quarters in PVR’s operating history driven by a strong box office performance. We see the momentum continuing in the forthcoming quarters on the back of a strong content pipeline," Ajay Bijli, chairman and managing director, PVR.
“Our growing circuit of high quality cinemas and our company-wide emphasis on customer service excellence remain critical factors in our ability to generate positive operating results over the long-term. We have maintained the position as the leading multiplex player in India and soon will pass the 500 screens mark in next few months," he added.
The company benefited from the success of films like Tanu Weds Manu Returns, Fast & Furious 7, Piku, Avengers, ABCD 2, Jurassic World, Dil Dhadakne Do, and Gabbar Returns at the box office, it said in a statement.
The number of people who watched movies at PVR multiplexes increased by 25% to 19 million in the June quarter.
Average ticket prices across cinemas grew by 4% because of strong content and flexible pricing, the company said. Food and beverage revenues grew by 46% over the same period last year. Sponsorship revenue increased 27%.
PVR added 10 screens across Bokaro and Vadodara and currently operates a network of 474 screens spread over 106 properties in 43 cities across the country. The company intends to add another 50-55 screens in 2015-16.
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