Entertainment company PVR posted a growth of 39.28 per cent in its consolidated net profit at Rs 8.97 crore for the quarter ended September 30,on account of better cost optimisation.
The company’s consolidated net profit stood at Rs 6.44 crore for the same period last fiscal.
“We undertook steps at the beginning of the year to increase cost optimisation,which has helped us post better numbers this quarter,” PVR Group President and CEO Pramod Arora said.
PVR’s consolidated income stood at Rs 135 crore in the second quarter,compared to Rs 92.22 crore in Q2 FY10.
The company plans to add about 50 screens this fiscal with an investment of about Rs 75-80 crore.
“Tier II towns are driving business as the infrastructure improves at these locations. We expect to add about 25-30 screens by March 2011 in markets like Mysore,Vijaywada,Udaipur and Ujjain,” he said.
PVR opened 19 multiplex screens in the first two quarters,taking its total screen count to 142 screens across 18 cities.
While the movie exhibition revenues for the reported quarter stood at Rs 106.18 crore,movie production and distribution comprised Rs 29.02 crore. Bowling alleys contributed Rs 3.74 crore to the revenues for Q2 FY11.
On a standalone basis,the company’s net profit was up at Rs 6.53 crore for Q2 FY11,while the total income stood at Rs 98.28 crore in the corresponding period last fiscal.