Pyramid Saimira trims screens on huge loss
Pyramid Saimira, the South- based exhibition and distribution player, which runs multiplexes across the country has reduced its screen count to almost a third of what it was in September 2008.business Updated: Feb 01, 2009 21:14 IST
Pyramid Saimira, the South- based exhibition and distribution player, which runs multiplexes across the country has reduced its screen count to almost a third of what it was in September 2008.
The screen count came down from 802 as on June 30, 2008, to 745 as on September 30, and drastically down to 252 as on December 31, 2008.
The company, which has about 11 group companies, including six subsidiaries and two joint ventures, with presence in India, Malaysia, China, USA, UK and Singapore incurred a net loss of Rs 74.7 crore for the quarter ended December 31, 2008 — a sharp decline from the net profit figure of Rs 29.9 crore for the corresponding quarter of the last fiscal year.
The company’s exhibition business earned a margin of just Rs 3.8 lakh during the quarter on revenues of Rs 98.7 crore.
The food and beverages business earned higher margins of RS 9.1 crore on revenues of Rs 39.3 crore.
The company “dehired” 194 screens in the third quarter itself. It also moved 151 screens from the fixed hire model to a case to case content supply model to save on costs, the company said.
Another 148 screens have been put under the revenue/profit sharing model from the erstwhile fixed hire. In effect, while the company let go 194 screens altogether, another 299 screens were brought under the revenue-sharing model.
Conversion price for FCCBs it had raised, was adjusted downward from Rs 385.9 to Rs 246.5 with effect from December 19, 2008, the company added.