New Delhi [India], June 8 (ANI): Multiplex operator PVR Cinemas on Monday reported a net loss of Rs 76 crore in the January to March quarter as compared to a net profit of Rs 48 crore in the same quarter of previous fiscal.
Total income fell to Rs 642 crore from Rs 837 crore while total expenses came down to Rs 710 crore from Rs 761 crore in the same period.
The company said the results for Q4 FY20 are not comparable with Q4 FY19 on account of the acquisition of SPI Cinema. Besides, they are not strictly comparable on account of the adoption of Ind AS 116 leases, PVR said.
In August 2018, it had announced the acquisition of 71.69 per cent stake in SPI Cinemas for about Rs 633 crore in an all-cash deal. It acquired Cinemax in 2012 and took over DT Cinemas in the year 2016.
Due to Covid-19 beginning March 11, PVR Cinema started closing its screens in accordance with the order passed by several regulatory authorities. Within a few days, most of its cinemas across the country were shut down.
The company said the pandemic will adversely impact the business in the short term. However, it does not anticipate medium to long term risks in business prospects.
PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Saket in New Delhi. It currently operates a cinema network comprising 841 screens in 71 cities (India and Sri Lanka), serving 100 million patrons annually.
It has organised its operations into three business segments: movie exhibition, movie production and distribution & others. (ANI)