PVR Q1FY07 net up by 93 pc

New Delhi, July 31 (UNI) PVR Ltd today posted a 93 per cent increase in its net profit at Rs 3.33 crore for the first quarter ended June 30, 2006, as against Rs 1.73 crore during the corresponding period last year.

The revenues, net of entertainment, sales and service taxes, for Q1FY07, grew by 62 per cent Rs 42.89 crore.

During the quarter, PVR commenced its operations at 4 new multiplex projects including PVR Juhu, Mumbai, PVR Indore, PVR Lucknow and PVR Mulund, adding 17 new screens under operation thereby taking the screen count from 51 in the previous quarter to 68 by the end of the quarter.

In addition to the above, operations at one new multiplex at Sahara Mall, Gurgaon commenced during the month of July 2006, further adding two more screens.

''An impressive revenue growth of 19 per cent quarter on quarter and new cinemas have contributed a revenue growth of 43 per cent. We entertained about 3.66 million customers in our cinemas during the current quarter as against 2.17 million customers in the corresponding quarter of previous year,'' PVR Ltd CMD Ajay Bijli said.

We have signed MoUs with various developers for setting up multiplex projects across the country. These Multiplexes are coming up in good quality developments, which are well located and have potential of becoming prime entertainment, leisure and retail destinations, he added.

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