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PVR posts Q3 net loss of Rs 49 cr


The cinema chain reported a consolidated net loss of Rs 49.21 crore in Q3 December 2020 compared with net profit of Rs 36.26 crore in Q3 December 2019.Revenue from operations slumped 95% to Rs 45.40 crore in Q3 December 2020 over Q3 December 2019. The announcement was made during market hours today, 15 January 2021.
PVR s other income surged to Rs 274.73 crore in Q3 December 2020 from Rs 8.15 crore in Q3 December 2019. PVR in its notes to accounts said that it has invoked Force Majeure clause in various lease agreements owing to COVID-19 pandemic for its cinema properties, for a complete waiver of rent expenses during the lockdown period. The company said it has been successful in getting relief from majority of landlords, whereas in some cases discussions are still in progress. The company thus followed a prudent practice and has recognized the rebates/concessions with applicable accounting standard. ....

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