PVR Ltd reported a five-fold growth in net profits for the June quarter, aided by higher income and one-time realisation from sale of assets.
The company sold off its property in Phoenix Mills, Mumbai, which fetched Rs 16.96 crore.
“We operate through lease cinema halls, which is why we decided to sell the one-off property we owned in CR Retail mall,” a spokesperson said.
PVR owns a couple of properties in Delhi, but the company has no plans to sell them at the moment, the spokesperson added. The PVR scrip shed 3.51 per cent to close at Rs 119.50 on the BSE on Tuesday. During the quarter, PVR Ltd bought other partners' stake in PVR Pictures Ltd to make it into a wholly-owned subsidiary. Further, PVR Pictures was demerged and the production arm of the business was brought under PVR Ltd. The company plans to focus on its exhibition business, and less on production business going forward.
According to segment profits, the losses in the movie production and distribution business have widened.
“The company is focused on significant screen additions in next 12 months with plans to add 50-60 new screens.
The company's subsidiary PVR bluO is also setting up bowling centres across the country with 2 new centres with 54 lanes slated to open in current financial year,” said Mr Ajay Bijli, Chairman and Managing Director, PVR Ltd, in a statement.