Q1 Results: PVR Expects Strong Movie Content To Power Next Two Quarters
“Strong” movie content is scheduled to release in the cinemas over the next six months, says PVR CFO Nitin Sood.
PVR Ltd. expects the second and third quarters of 2019-20 to be better than the first as “strong” movie content is scheduled to release in the cinemas, the multiplex chain’s Chief Financial Officer Nitin Sood said on Tuesday.
The June quarter was “marginally hit” because of two major sporting events, Indian Premier League and the ICC Cricket World Cup, Sood told BloombergQuint in an interview. July was the best month for PVR this year, he said, adding August and September look promising as two big films are slated for release.
PVR’s footfalls rose 2 percent year-on-year for the three-month period ended June 30. Revenue increased 26.4 percent to Rs 880 crore and advertisement revenue grew 28 percent during the same period on the back of blockbusters like Avengers: Endgame.
The multiplex chain intends to start over 80 screens this year, Sood said. “In the first four months of this year, we already opened 36 out of the 80 screens.”
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