It appeared to be recovering but the quarter has been a setback for theatre chain owner Pyramid Saimira, which reported a standalone net loss of Rs. 36.4 million, down 95.1% year on year in the quarter ended December 2009. It had registered a net profit of Rs. 57.79 million in the September 2009 quarter. The group runs film, hospitality, realty, food and beverage and cine advertising businesses.
Net income has tumbled 94.3 percent sequentially and 97.6 percent year on year to Rs. 32.8 million in the quarter. Expenditure has also reduced 91.4 percent from the previous quarter to Rs. 48.75 million.
In October, PSTL sold 39.87% stake of its film production subsidiary Pyramid Saimira Productions International to RDB Group and announced it would produce 28 films and 1,785 hours of TV content for 2010-2011.
N. Seetharaman was appointed as an additional director of the company with effect from October 28, 2009.
In November, the company called SEBI’s order banning 250 individuals and companies from trading on the stock market after a scam involving the company as “biased, arbitrary and a deliberate cover up done by SEBI without heeding to principles of natural justice.” Nine people filed their objection but SEBI stuck to its guns, reports Business Standard.
The past year was a rough one for PSTL with box office failures, operational losses, the share market scam which led to a decline of its stock’s valuation and the income tax department paralysing its accounts.