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PVR Cinemas Incurred A Massive Loss Due To Lockdown
By: Tupaki Desk | 5 Nov 2020 6:05 AM GMT
The movie industry is one of the sectors that has been strongly affected by the coronavirus induced lockdown. Mainly, the theatre industry, the focal point for the highest revenue in the sector, was badly hit by the pandemic.
Even the film shootings are resumed again, people who work in cinemas are still unemployed. Even the Ten per cent of theatres across the country have not even opened, despite approvals to reopen last month.
PVR, the country's largest theatrical chain, has recently released its profit and loss figures for the third quarter of this year. Like all theatrical chains, PVR, which received good revenue in the first quarter of this year, was badly hit in the second quarter.
The company collapsed further in the third quarter. PVR has incurred a loss of Rs 184 crore due to non-receipt of revenue for the last three months. The maintenance of the theatres and the meagre salaries paid to the staff were taken into account and the loss was huge.
The company had posted a net profit of Rs 48 crore in the same quarter last year. The theatres' opening on October 15 has generated some revenue in the last two weeks. But that is not even enough for the maintenance costs. PVR's net income stood at Rs 973 crore as on September 30 last year, but this time it has fallen to Rs 40 crore. Needless to say, the situation is similar for other multiplexes across the world.
Even the film shootings are resumed again, people who work in cinemas are still unemployed. Even the Ten per cent of theatres across the country have not even opened, despite approvals to reopen last month.
PVR, the country's largest theatrical chain, has recently released its profit and loss figures for the third quarter of this year. Like all theatrical chains, PVR, which received good revenue in the first quarter of this year, was badly hit in the second quarter.
The company collapsed further in the third quarter. PVR has incurred a loss of Rs 184 crore due to non-receipt of revenue for the last three months. The maintenance of the theatres and the meagre salaries paid to the staff were taken into account and the loss was huge.
The company had posted a net profit of Rs 48 crore in the same quarter last year. The theatres' opening on October 15 has generated some revenue in the last two weeks. But that is not even enough for the maintenance costs. PVR's net income stood at Rs 973 crore as on September 30 last year, but this time it has fallen to Rs 40 crore. Needless to say, the situation is similar for other multiplexes across the world.
