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(Photo: AFP)
(Photo: AFP)

Covid-19 impact: PVR reports Q1 net loss of 226 cr

Revenue from operations stood at 12.7 crore, as compared to 880 crore in the corresponding quarter a year ago

New Delhi: Leading multiplex chain operator PVR Ltd on Monday reported a consolidated net loss of 226 crore for the June quarter as the film exhibition business remained closed due to the COVID-19 pandemic.

The company had posted a net profit of 17.53 crore in the April-June period a year ago, PVR said in a BSE filing.

Revenue from operations stood at 12.70 crore, compared to 880.39 crore in the corresponding quarter of the previous fiscal.

Other income increased to 42.65 crore from 6.77 crore earlier.

"The COVID-19 situation across the country continued to adversely affect the operations of the group, resulting in almost no operations revenue for the quarter. We are awaiting government directive and guidelines on opening of cinemas," PVR said.

The company's total expenses fell to 397.12 crore in Q1 FY21 as against 859.10 crore in the year-ago period.

PVR said it has taken several cost-saving steps to mitigate the adverse impact on the business, including reduction in employee costs by temporary salary cuts and headcount reduction and seeking waiver of rentals and maintenance charges from landlords.

"With these action, management has been able to bring down the cash burn significantly during the lockdown period," it added.

PVR operates 845 screens in 176 properties in 71 cities.

Shares of PVR Ltd on Monday settled at 1,309.95 apiece on BSE, up 4.37per cent.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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