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FY09: Adlabs Films Posts Rs.513.7M In Losses; Big Cinemas To Expand

Reliance ADAG group firm Adlabs Films owned Big Cinemas will be expanding into Netherlands and Nepal this year. During FY 2009, the theatre division has added 54 screens in India, 165 in US and 63 in Malaysia. It runs 201 in India. From 156 last year, it now has 438 screens and there have been reports of it eyeing troubled theatre house Pyramid Saimira's US and Malaysia screens, but there has been no official announcement yet. More on Pyramid Saimira here. All this expansion and investment has eaten into Adlabs' profits, bringing consolidated net losses of Rs. 513.7 million over net sales of Rs. 6559.3 million, which has doubled from revenues of Rs. 3059.7 million in FY 08. Last year, Adlabs had generated profits of Rs. 474.7 million. The company said losses rose this year primarily due to its scaling up and high interest rates. Net interest expenses and financing charges was Rs. 636 million, up from Rs. 148.3 million. However, the previous financial period was 9 months, while this was for 12. Expenses doubled to Rs. 7193 million in FY 09 from Rs. 3055.6 million last fiscal. EPS has dipped sharply from Rs. 11.28 to a negative Rs. 11.33 this year. EBITDA saw an 18% rise to Rs. 682.2 million. Readers may remember that Adlabs divested Big FM and its network of 45 stations to Reliance Unicom, so the results have not been included in the financials. Details: Release | Financials Standalone Earnings Adlabs recorded a standalone net loss…

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