PVR INOX To Shut 50 Loss-Making Cinemas Over Subsequent 6 Months

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PVR INOX plans to open 150-175 extra screens in fiscal 2024. (Representational)

Bengaluru:

Multiplex operator PVR INOX Ltd reported a quarterly lack of 3.33 billion rupees ($40.72 million) on Monday, hit by one-time impairment costs and bills associated to the deliberate shutdowns of some cinemas.

The corporate, shaped by the merger of India’s high two multiplex operators earlier this yr, mentioned it took an accelerated depreciation cost of 105.eight million rupees on 50 loss-making cinemas it plans to close down over the subsequent six months.

Cinema operators in India have been struggling ever for the reason that pandemic, when a lockdown compelled individuals house and made streaming extra in style amongst film lovers, prompting PVR and Inox to affix forces.

PVR INOX plans to open 150-175 extra screens in fiscal 2024.

It additionally took an impairment cost of 108.2 million rupees associated to a undertaking in a Bengaluru mall which was suspended, the corporate mentioned. PVR INOX is reporting outcomes for the primary time after the completion of the merger.

PVR had reported a lack of 1.05 billion rupees a yr earlier, when the 2 corporations had been separate.

“Whereas there was some volatility on the field workplace over the previous few months, we’re assured that this development will calm down over the subsequent two to 3 quarters,” PVR INOX mentioned.

Income for the quarter stood at 11.43 billion rupees, whereas whole bills had been at 13.64 billion.

Bollywood hit ‘Pathaan’ was among the many few movies that introduced in clients within the quarter, whereas Hollywood movies like ‘Ant-man and The Wasp – Quantamania’ and ‘John Wick-4’ had a “respectable efficiency”, the corporate mentioned.

Common ticket costs within the quarter decreased to 239 rupees from 244 rupees within the earlier quarter, whereas the typical meals and beverage spend per patron was 119 rupees, down from 133 rupees.

Shares of the corporate closed 1.2% greater on Monday forward of the outcomes.

(Apart from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)

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