PVR INOX To Shut 50 Loss-Making Cinemas Over Next 6 Months
NDTV
The company, formed by the merger of India's top two multiplex operators earlier this year, said it took an accelerated depreciation charge of 105.8 million rupees on 50 loss-making cinemas it plans to shut down over the next six months.
Multiplex operator PVR INOX Ltd reported a quarterly loss of 3.33 billion rupees ($40.72 million) on Monday, hit by one-time impairment charges and expenses related to the planned shutdowns of some cinemas.
The company, formed by the merger of India's top two multiplex operators earlier this year, said it took an accelerated depreciation charge of 105.8 million rupees on 50 loss-making cinemas it plans to shut down over the next six months.
Cinema operators in India have been struggling ever since the pandemic, when a lockdown forced people home and made streaming more popular among movie enthusiasts, prompting PVR and Inox to join forces.
PVR INOX plans to open 150-175 more screens in fiscal 2024.
