PVR announced the successful procurement of cinema operating license to open four new screens at PVR Treasure Island Mall, Indore, on Friday, 14 March 2020.
The now nine-screen property will introduce two mainstream and two special formats - PVR PlayHouse and PVR 4DX in the already existing 5-screen cinema. With this launch, PVR now operates the largest multiplex network with of 845 screens at 176 properties in 71 cities (India and Sri Lanka).
However, due to recent Madhya Pradesh (MP) government order on temporary closure of cinemas as a precautionary measure to avoid spread of COVID19, the screens will be opened as soon as the order is lifted. With this expansion, PVR has augmented its screen count in Western Region to 258 screens across 61 properties and 18 screens across 4 properties in MP.
Speaking on the occasion, Gautam Dutta, CEO, PVR Cinemas said, "We are excited to introduce two new formats for our patrons in the region. PVR PlayHouse and 4DX technology have received an exponential response from the cine lovers so far and we arehopeful that it will be a success in this market as well. With this, we continue to reiterate our focus on making inroads into smaller markets in India where there is significant growth potential. I look forward to welcoming our guests to experience PVR's latest offerings and urge all to stay healthy and safe."
Shares of PVR declined 4.77% to Rs 1,227.35. The stock hit 52-week low at Rs 1,045.85 in intraday trade.
PVR's consolidated net profit slipped 34.3% to Rs 36.34 crore on a 8.6% jump in net sales to Rs 915.74 crore in Q3 December 2019 over Q3 December 2018.
PVR is a film entertainment company, which is engaged in the motion picture exhibition in cinemas. The company has organized its operations into three business segments: movie exhibition, movie production & distribution and others like bowling, gaming and restaurant.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)