Film exhibition and distribution firm PVR Ltd today posted consolidated net profit of Rs 8.9 crore for the quarter ended December 31, 2011.
The firm had registered consolidated net loss of Rs 13.26 crore during the corresponding period of last fiscal.
"The loss in the third quarter of last fiscal was due to loss from the film production business. After we have decided to go slow on production side and focus mainly on the cinema exhibition, we have registered profit for the quarter ended December 31, 2011," PVR Ltd Chief Financial Officer Nitin Sood told PTI.
The firm's consolidated net sales for the quarter under review increased 4% to Rs 139 crore as against Rs 133.60 crore during the three months ended December 31, 2010.
Commenting on the company's expansion plans Sood said: "We have a plan to add 70-75 cinema screens across India from April last year to December this year."
Around 18 new screens have already been set up, he added. Currently, PVR has a network consisting of 158 screens spread over 20 key cities in India.
The firm that operates two bowling alleys in Delhi and Gurgaon under 'PVR BluO' brand is also planning to add four centres in Bangalore and Pune.
"The total investment to be made on expansion is between Rs 100 crore to Rs 125 crore till December," he added.
PVR Ltd's scrips were at Rs 138.90 per share towards the end of day's trading, down 5.09% from the previous close on the BSE.
