Covid effect: PVR reports Q1 net loss of Rs 225.73 crore

By: |
Updated: September 14, 2020 7:32 PM

Revenue from operations stood at Rs 12.70 crore, compared to Rs 880.39 crore in the corresponding quarter of the previous fiscal. Other income increased to Rs 42.65 crore from Rs 6.77 crore earlier. 

PVR, Inox leisure, unlock 5.0Maharashtra government has allowed cinema halls, multiplexes and drama theaters to operate with 50 per cent of seating capacity

Leading multiplex chain operator PVR Ltd on Monday reported a consolidated net loss of Rs 225.73 crore for the June quarter as the film exhibition business remained closed due to the COVID-19 pandemic. The company had posted a net profit of Rs 17.53 crore in the April-June period a year ago, PVR said in a BSE filing.

Revenue from operations stood at Rs 12.70 crore, compared to Rs 880.39 crore in the corresponding quarter of the previous fiscal. Other income increased to Rs 42.65 crore from Rs 6.77 crore earlier. “The COVID-19 situation across the country continued to adversely affect the operations of the group, resulting in almost no operations revenue for the quarter. We are awaiting government directive and guidelines on opening of cinemas,” PVR said.

The company’s total expenses fell to Rs 397.12 crore in Q1 FY21 as against Rs 859.10 crore in the year-ago period.

PVR said it has taken several cost-saving steps to mitigate the adverse impact on the business, including reduction in employee costs by temporary salary cuts and headcount reduction and seeking waiver of rentals and maintenance charges from landlords.

“With these action, management has been able to bring down the cash burn significantly during the lockdown period,” it added. PVR operates 845 screens in 176 properties in 71 cities. Shares of PVR Ltd on Monday settled at Rs 1,309.95 apiece on BSE, up 4.37 per cent.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1PE/VC deals slowing down because of second COVID-19 wave: EY
2Sensex beats gold by 52% in last 21 yrs; but this Akshaya Tritiya buy gold to hedge against inflation
3SEBI wants to eliminate ‘promoters’; proposes changing corporate ownership terminology | EXPLAINED