wordpress blog stats
Connect with us

Hi, what are you looking for?

Q4 09: Pyramid Saimira Posts YoY Losses Of Rs. 1.37B; Animation & Gaming Writeoff; Four Screens Shut

pyramid-saimiraDuring the quarter, theatre chain owner Pyramid Saimira did not distribute any movies and though marketing was slightly profitable, operations were beset with collection delays. Its US subsidiary made losses while its Malaysian subsidiary Pyramid Saimira Theatre Chain Sdn Bhd (the official blog is here) was profitable.

Following its reorganisation and de-risking steps, PSTL now has shut down four more screens in the quarter, bringing its total to 248 screens. In Q2 09, the theatre chain owned 745 screens. Occupancy rates have dropped to 32.35% from 38% last quarter. Average revenue per footfall (or user) is higher at Rs. 47.86 from Rs. 41.93 in Q3 09. In the quarter, 169 lakh tickets were sold.

The company struggled with financial paralysis as the Income Tax department had attached its bank accounts, but these were lifted earlier this month. It has announced it is extending its financial year to 15 months, up to June 30, 2009 and there will be a Q5.

Subsidiaries Suffer; No Sale?

Pyramid has written off investments in its DTH business in Europe and UK-based animation and console game developer Aurona Technologies due to their poor performances. The DTH subsidiary had not sustained its business operations and suffered serious losses due to the recession’s effect on purchasing power in Europe. Aurona being an outsourcing provider of game development was affected by pound depreciation.

PSTL has been ready to sell its overseas subsidiaries, especially those it perceives to be non-core to its flagship theatre business. The group runs film, hospitality, IPTV, DTH, realty, food and beverage and cine advertising businesses .

Advertisement. Scroll to continue reading.

However, there has been no announcement yet on Aurona’s buyer. The studio has delivered games for Sony, Nintendo, Microsoft XBOX, most recently it launched a game for Sony PS2 in Indian called Hanuman: Boy Warrior. Our review of it is here.

Details: Financials

Quarterly Results

Pyramid registered a net loss of Rs. 853.72 million in Q4 09, with income from exhibition logging Rs. 590.93 million and revenues from food and beverages at Rs. 215.97 million. Expenses totalled Rs. 685.9  million with depreciations including amortisations of Rs. 45.32 million.

Basic EPS after extraordinary items registered at a negative Rs. 30.19.

jothi20

A PSTL theatre in South India. Photo Courtesy: PSTL

For the quarter, exhibition segment posted net profits of Rs. 14.65 million over revenues of Rs. 590.9 million. Food and beverages made a profit of Rs. 61 million on income of Rs. 215.9 million.

Year on Year Results

Advertisement. Scroll to continue reading.

Pyramid Saimira’s other income tanked by 94.5% to Rs. 583.26 during the fiscal year ending March, 2009 compared to FY08. It raked up net losses of Rs. 1.37 billion, while it had made Rs. 578.73 million in profits last year. The company has placed losses of Rs. 1,757.82 million as extraordinary items.

Income from exhibitions dropped by 4% compared to FY 08 to Rs. 5242.56 million. A similar, minor, difference in beverages and food revenues at Rs. 1967.88 million. Costs were also similar to the previous year, with a 2.4% rise to Rs. 6,622.17 million. Basic EPS stood at negative Rs. 48.77 while it was Rs. 20.47 last fiscal.

Related

Pyramid Saimira Promoter PS Saminathan, 230 Barred From Trading
Pyramid Saimira Quits Gaming; To Sell Subsidiary Aurona; Focus On Core Biz
First Indigenous Game On PS2 – Hanuman: Boy Warrior
Pyramid Saimira Bites Back At I-T Dept; 300 Employees Not Paid Salaries; Threat of Solvency?
Pyramid Saimira Selling Stake In Subsidiaries; Cutting Op Losses Further
Pyramid Saimira To Close Unviable Subsidiaries; Stake Dilution Plans
Pyramid Saimira Winds Up Film Distribution In India; Defers Reel Acquisition
Pyramid Saimira Owned Spize TV Buys South Asian Content Focused DTH Co WorldTV Europe

Advertisement. Scroll to continue reading.
Written By

http://www.linkedin.com/in/preethij

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ