Cinemax net up 34% at Rs 1.83 crore

Theatre chain Cinemax India has posted a net profit of Rs 1.83 crore for the first quarter ended June 30, 2007, up 33.57 per cent compared with Rs 1.37 crore posted during the corresponding quarter last year.

During the quarter, the company reported a revenue of Rs 16.77 crore against Rs 18.59 crore for the same quarter last year.

"The company is pleased by the quarterly results and sees tremendous growth opportunities in the coming financial year," said Rasesh B Kanakia, chairman, Cinemax India.

The company plans to expand its operations on a pan-India basis, across 42 locations in 11 states, by the end of FY09.

Currently, it has 39 screens across 13 locations.

The company, which was listed in February this year, had raised Rs 108.50 crore through the initial public offer. It has used Rs 29.93 crore to set up new theatres.