PVR posts a whooping 39 pc surge in Q2 profit

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PVR
Bangalore, Nov 3: PVR Limited, a film entertainment behemoth in India, on Tuesday, Nov 2 posted a 46 per cent surge in its consolidated revenues for the quarter ended Sep 30, 2010 (Q2) while its consolidated profit went up a whopping 39 per cent.

PVR's total consolidated revenues for the quarter ended Sep 2010, came up at Rs 135 crores as against Rs 92.22 crores reported during the corresponding Sep 2009 quarter, accounting for a 46 per cent surge.

Profit After Tax (PAT) for the quarter ended Sep 2010 stood at Rs 8.97 crores, as compared to Rs 6.44 crores in the corresponding period of the previous year, accounting for a 39 per cent growth.

Besides this, pioneer of the multiplex revolution in India reported a massive 80 per cent rise in the EBITDA for the second quarter ended Sept, 2010 as it stood at Rs 34.59 crores as against Rs 19.25 crores in Q2 2009-10.

Dubbing the Q2 as a "good quarter", Mr Ajay Bijli, Chairman & Managing Director, PVR LTD, said that the company had managed to consolidate its position further with addition of 19 new screens during the first half of the year.

"Revenues and profitability have seen a robust growth over last year. The pipeline of films slated for release this quarter looks exciting and we expect exhibition revenues to consolidate further on the strength of our properties in best locations. This will also be a key quarter for the production and distribution business with 2 key films lined up for release. We are committed to build PVR Pictures as a full scale distribution and production company," he added.

Also commenting on the encouraging quarterly numbers, Pramod Arora, Group President and CEO, PVR Cinemas Limited said, “The set of numbers reflected in this quarter are result of fundamental changes brought about in the system for better and sustained profitability."

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