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Multiplex player PVR Cinemas on Thursday reported a consolidated net loss of Rs 220 crore for the April to June quarter against a loss of Rs 226 crore in the year-ago period.
Though revenue for the quarter was up at Rs 92 crore but earnings before interest, tax, depreciation and amortisation (EBITDA) loss stood at Rs 219 crore. Covid-19 continued to adversely impact the operations and financial performance of the company. PVR said the second wave of Covid-19 surprised everyone with its rapid spread of infection which led to localised lockdowns and curfews announcements by various state governments. "Our entire cinema network was shut down in a staggered manner in April and continues to remain shut till date." As of July 29, 12 states and two union territories in India and Colombo (Sri Lanka) where PVR has a presence, have allowed cinemas to restart operations with restrictions around timings and other social distancing requirements. These states and union territories account for 526 screens across 111 properties. The company said it is looking to restart operations in a gradual manner from July 30 onwards. During the current financial year, the company had availed additional borrowings of Rs 200 crore under the government's ECLGS 3.0 scheme. As on June 30, the company had a total liquidity of around Rs 850 crore. PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Saket in New Delhi. It has organised its operations into three business segments: movie exhibition, movie production and distribution & others. (ANI)
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