MUMBAI: Pyramid Saimira Theatre Limited (PSTL), the movie exhibition and distribution arm of the Pyramid Saimira Group, has posted a net profit of Rs 134.9 million for the quarter ended 30 June 2008, up 30 per cent from the year ago period.
Revenue at Rs 2.5 billion was up 104 per cent from Rs 1.22 billion in the previous corresponding quarter.
Said Pyramid Saimira Group chairman and managing director PS Saminathan, “These results are for the exhibition business alone and do not include the performance of the other subsidiaries. Our distribution, production, post production and overseas subsidiaries contributed 30 per cent towards our total top-line last year and we‘re sure that these businesses will perform better this year with Pyramid Saimira planning to release some movies in the coming quarters. We have focused on optimisation and consolidation of all our resources, to the extent of relieving some unprofitable theatres and have added only 35 screens this quarter.”
PSTL currently manages around 5.09 lakh seats per show and during this quarter PSTL recorded around 60.3 million footfalls. The average capacity utilisation has been 33 per cent lower than expected, primarily due to the impact of IPL and the subsequent delay in the release of some films, says the company.
This has resulted in an EBIDTA of 11.27 per cent, which was expected to be around 18-20 per cent this year for PSTL alone. Also, basic EPS for the quarter ended 30 June 30 was Rs 4.77.
Highlighting on the projections for the fiscal 2008-09, Saminathan added, “We expect significant growth for the second quarter as we have acquired the worldwide distribution rights of Rajini Kanth starrer, Kuselan, which is expected to be India‘s highest grosser. The second and third quarters will witness more films, which will again help in the performance of the company in the coming quarters. We expect to perform as per expectations this year and grow at a steady 30 per cent, based on Q1 performance.”
PSTL owns approximately 7.75 million square feet under operational management and 875 screens globally.
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