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Higher footfalls, pricing boost Inox profit 23%

Entertainment major Inox Leisure has reported 23 per cent rise in net profit at Rs 6.96 crore during the second quarter (ended September 30) of this financial year compared with Rs 5.64 crore recorded in the same quarter of FY06.

The company’s revenues rose 42 per cent to Rs 39.96 crore during the quarter under review from Rs 28.24 crore posted in the same period a year ago.

For the 12-month-period ended September 2006, the company’s net profit surged 58 per cent to Rs 15.33 crore from Rs 9.72 crore during the same period in 2005-06.

The company’s revenues for the first six months (H1) ended September 2006 shot up by an identical 58 per cent to Rs 80.49 crore vis-a-vis Rs 50.81 crore recorded during H1 FY06, Inox said in a release here today.

During the quarter under review, Inox launched its Nagpur property taking its total number of screens to 44 and 12 multiplexes across 11 cities. The entertainment company has 21 properties in different stages of implementation and it expects these to be operational by March 2009.

Commenting on the September quarter results, Inox Leisure Director Deepak Asher said, “We have been able to maintain our industry leadership position in revenues and profitability, owing to better footfalls and pricing at our existing multiplexes, and also because of the addition of new properties to our portfolio.�

“We expect to maintain the growth momentum going forward, with another seven properties expected to open by March 2007 in cities such as Chennai, Mumbai, Bharuch, Vijaywada, Lucknow, Faridabad and Jaipur. The performance has also been helped by a spate of new releases, and we expect this trend of big-budget and good quality content flows to continue,� he added.

Inox Leisure has entered into an alliance with the Pantaloon group, which will enable the company to have access to all real estate developments that the latter is associated with.

The properties acquired through this alliance would be in addition to the properties that Inox had already shortlisted, and this would help the company increase its reach across the country, the release stated.

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