PVR reports net loss of Rs 36.35 crore in Q4

Multiplex operator PVR Ltd today reported a consolidated net loss of Rs 36.35 crore for the quarter ended March 2015 due to no big film releases during the ICC Cricket World Cup period.
The company had posted a net profit of Rs 0.74 crore for the same period of previous fiscal, PVR said in a filing to the BSE.
The company's net sales stood at Rs 297.04 crore during the quarter under review, up 5.40 per cent, as against Rs 314.02 crore in the same period of 2013-14.
"Our revenue in Q4 was impacted due the Cricket World Cup. There were no big releases during the period," PVR CFO Nitin Sood told PTI.

He added that the fourth quarter normally reports subdued earnings.
"Even in FY15 we did not have any good releases. Except Aamir Khan's PK no other film did well," Sood said.

During 2014-15 fiscal, PVR's consolidated net profit declined 77.23 per cent to Rs 12.76 crore from a net profit of Rs 56.05 crore in the year-ago period.
However, net sales during fiscal 2014-15 were at Rs 1,477.12 crore, up 9.56 per cent, against Rs 1,348.11 crore a year ago.
About the company's outlook, he said: "The company would continue to grow with a CAGR of 20 per cent and would cross 500 screens in next six months from its present count of 470."

"Our vision is to have around 1,000 screens in next three to five years," Sood said, adding that the ongoing fiscal would be good for the company and big films from both Hollywood and Bollywood such as Piku, Tanu Weds Manu Returns are getting released week after week.
Meanwhile, in a separate filing, PVR said its Board has recommended a dividend of Re 1 per share of face value of Rs 10 each.
It has also approved "in-principal merger of PVR Leisure Limited (a wholly-owned subsidiary of PVR Limited) with Lettuce Entertain You Ltd, with PVR Ltd".
PVR scrips today closed 1.01 per cent up at Rs 659.50 apiece on the BSE.