Unlike this year, the theatre chain had posted a profit of Rs46.75 crore in the January to March period in 2019.
PVR reports net loss of Rs74.61 crore in fourth quarter due to lockdown
Mumbai - 09 Jun 2020 11:45 IST
Multiplex chain PVR posted a net loss of Rs74.61 crore in the fourth quarter in a BSE filing. The company's revenue share for the quarter has been adversely hit by the lockdown that was put in place in March due to the COVID-19 pandemic.
The daily, The Financial Express reported that the company's revenue from operations during the quarter fell to Rs645.13 crore, from the high of Rs837.63 crore in the same quarter last year.
In a statement, PVR said, "Beginning March 11, 2020, the company started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of our cinemas across the country were shut down."
In addition, newspaper reported that the company has also taken a one-time write off of perishable inventory for the month of March 2020 worth Rs1.83 crore due to spoilage as cinemas were shut. In the fiscal year of 2019-2020, the company showed a net profit return of Rs26.85 crore. In 2018-19, the profit return was a massive Rs189.40 crore.
The lockdown in Maharashtra and several other states has loosened, but there is still no word on theatres reopening as yet.