India`s INOX Leisure reports quarterly profit as hits bring back moviegoers
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Indian multiplex operator INOX Leisure Ltd on Monday posted profit before exceptional items and tax for the third quarter, as movie buffs returned following a string of hits and splurged on pricier tickets and in-theater purchases.
The company, which is in the process of merging with market leader PVR Ltd, reported profit before exceptional items and tax of 286.2 million Indian rupees ($3.51 million) for the third quarter ended Dec. 31, compared to a net loss of 16 million rupees a year ago.
PVR also swung to a profit last quarter, underscoring a change in fortunes for India's theater operators after a slate of flop Hindi language movies earlier in the year.
A few of the more popular movies in the quarter included "Drishyam 2," a Hindi remake of the eponymous Malayalam flick, Kannada-language action thriller "Kantara," Tamil-language historical fiction "PS-1" and Hollywood's "Avatar: The Way of Water".
Revenue from operations jumped 74% to 5.16 billion rupees.
The average ticket price in the quarter increased to a record 230 rupees from 226 rupees in the comparable quarter a year earlier, while the average spend per customer was 106 rupees, up from 97 rupees and the company's highest ever.
With the INOX-PVR merger expected to be completed in the next 30-40 days, INOX in the December quarter had written off deferred tax asset of 433.7 million rupees. It also booked a 243.8 million rupees exceptional charge towards merger expenses.
