PVR Q3 net loss at Rs 13.26 cr

Multiplex chain PVR today said it has posted a consolidated net loss of Rs 13.26 crore for the quarter ended December 31, 2010 on account of lower production revenues.

This is against a net profit (PAT) of Rs 6.67 crore during the same period last fiscal, PVR said in a filing to the Bombay Stock Exchange (BSE).

"While it has been a good quarter for us on the exhibition business side, overall profitability for the quarter was impacted on account of poor performance of the production business," PVR Chairman and Managing Ajay Bijli said.

Total income, however, increased to Rs 133.60 crore for the quarter from Rs 114.28 crore registered during Q3 FY10.

The movie exhibition business revenues stood at Rs 103.15 crore during the quarter under review, while production and distribution accounted for Rs 30.25 crore.

During the quarter, the company had 5.2 million footfalls at its cinemas, clocking an average occupancy of 28 per cent.

The company at present operates 33 properties with 142 screens in 18 cities across the country.

"PVR intends to add another 20 screens by March 2011 in key markets like Vijaywada, Udaipur, Surat and Nanded. In addition to this, PVR expects to open around 60-75 multiplex screens which are under various stages of construction and fit-outs and are expected to commence operations over the next 12 months," the company said.

PVR shares closed at Rs 137.70 a piece, down 2.38 per cent from its previous close on the BSE.