Multiplex operator PVR on Friday reported a consolidated internet lack of Rs 49.10 crore for the third quarter ended December 2020, because it continued to be impacted by the COVID-19 pandemic.
The firm had posted a consolidated internet revenue of Rs 36.34 crore in the identical quarter final fiscal, PVR stated in a regulatory submitting.
Revenue from operations throughout the interval beneath evaluate stood at Rs 45.10 crore, down 95.04 per cent from Rs 915.74 crore within the corresponding quarter a 12 months in the past.
The COVID-19 scenario throughout the nation continued to adversely have an effect on the operations of the group, PVR stated, including it has undertaken varied price saving initiatives to mitigate the influence of the pandemic on the enterprise which incorporates discount in worker prices by short-term wage cuts, headcount discount and in search of waiver in rental from its landlords.
PVR stated settlements have been reached with landlords for 88 per cent of cinemas for full or partial waiver or reductions for the lockdown interval.
It stated it negotiated reductions/ rebates within the type of income share/ discount in minimal assure put up reopening, typically till March 31, 2020.
“Discussions with balance (remaining) landlords in progress and expected to close in the near future. We are yet to reopen 56 screens in 13 cinemas, as of January 15, 2021, since certain rental negotiations are currently ongoing with the mall developers, landlords, lessors and partners,” the corporate added.
The Union Home Ministry issued new pointers for allowing extra actions in areas outdoors containment zones that embrace opening up cinemas, theatres and multiplexes with as much as 50 per cent of their seating capability from October 15.
“Since then, various states have issued their respective notifications for cinema reopening over October, November and December 2020 permitting cinemas to commence operations in a staggered manner. As on date, except for the state of Rajasthan and Jharkhand, all other states, where PVR has presence, have allowed cinemas to reopen,” the corporate added.
PVR stated even put up reopening, the mix of staggered state extensive reopening, capability restrictions and restricted film releases impacted the admit ranges whereas prices proceed to be incurred.
To tackle the scenario, PVR stated it has additional constructed up on the operational and monetary steps which embrace streamlining and re-engineering operations.
PVR stated it has additionally launched the idea of personal screenings, which is a premium and personalised providing whereby a small group of viewers hires your complete auditorium to benefit from the content material of their alternative and no different company other than the group members are allowed throughout that present, thereby decreasing the chance of contamination.
Elaborating on the content material pipeline, PVR stated in view of a staggered reopening throughout states and restrictions on seating capability, movie producers are being cautious with film releases.
“As a result, hindi film producers have withheld release of big budget movies and are likely to announce the release dates over the next few weeks with the evolving situation. Although the big budget Bollywood movies are still hesitant, a few low-mid size Bollywood movies, stronger Hollywood and diverse regional content has debuted on our screens,” the corporate added.
Shares of PVR have been buying and selling 3.26 per cent larger at Rs 1481.75 apiece on BSE.
