India`s PVR Inox posts three-fold rise in quarterly profit on strong slate of films
India's largest multiplex chain PVR Inox on Thursday reported a three-fold increase in third-quarter profit, as a strong line-up of new films attracted movie-goers during the festive period.
The company, formed by the merger of PVR and Inox labels, posted a consolidated net profit of 359 million rupees ($4.10 million) in the quarter ended December 31, up from a year-ago profit of 128 million rupees.
Indians tend to splurge on new apparel, dining out and entertainment options during the October to December quarter, in which festivals such as Diwali and Christmas are celebrated.
A movie line-up of "Bhool Bhulaiyaa 3" and "Singham Again", which were new takes on old blockbuster films, increased ticket sale revenue by 5.8% and food and beverage revenue by 9.4%.
"Pushpa 2", which made history as the biggest blockbuster ever in Indian cinema alone brought in 36% of box office collections in the third quarter, the company said.
The biggest year-on-year rebound in box office sales was led by Hollywood, which has the smallest share in audience, with films such as 'Mufasa' and 'Venom: The Last Dance' driving ticket sales.
Overall revenue rose 11% to 17.17 billion rupees, while total expenses rose nearly 8%.
($1 = 87.5400 Indian rupees)
