Multiplex operator PVR Ltd today reported a decline of 66.60 per cent in its consolidated net profit at Rs 9.20 crore for the quarter ended September 30, due to muted performance of films at the box office.
The company had reported a consolidated net profit of Rs 27.55 crore for the July-September quarter of last fiscal.
PVR's total consolidated income from operations during the second quarter increased 9.41 per cent to Rs 400.20 crore as against Rs 334.45 crore in the same period a year ago, the company said in a BSE filing.
"During the quarter, the company had 15.7 million footfalls in its cinemas (that was) down by 5 per cent as compared to corresponding quarter of previous year largely due to muted performance of films at box office. In spite of the drop in footfalls, the average ticket price was up by 6 per cent," the company said in a statement.
Over the outlook, PVR Ltd Joint Managing Director Sanjeev Kumar Bijli said:" Early Q3 industry box office results have been very strong with movies Bang Bang, Haider & Happy New Year, we are optimistic regarding box office prospects for the remaining part of the year which underpins our confidence that we are on track with our plans for the full year".
PVR said its "standalone figures of the quarter ended September 30, 2014 are not comparable to the corresponding quarter ended September 30, 2013 on account of merger of CHPL, CIL and its subsidiaries with PVR Ltd."
For the first half of the 2014-15 fiscal, PVR's consolidated net profit also declined 59.02 per cent to Rs 16.86 crore as against Rs 41.55 crore in the same period a year ago.
However, PVR's total consolidated income from operations in the first half increased 8.77 per cent to Rs 762.46 crore. It was Rs 700.96 crore in the same period last year.
"The company continues its aggressive expansion plans and intends to add approx 65-70 screens in the FY 2014-15," PVR said.
During the first 7 months, PVR added 33 screens across various cities and currently operates a network of 454 screens spread over 102 properties in 43 cities across the country, it added.
Shares of PVR closed at Rs 702.95 per scrip at BSE, down 1.06 per cent from their previous close.
