UFO Moviez posts consolidated rev of Rs 27.4 cr in Q3
In the same quarter of the previous fiscal, the company had reported revenue of Rs 142.6 crore
UFO Moviez has posted consolidated revenue of Rs 27.4 crore for the quarter ended 31st December as theatrical and ad revenues were severely impacted on account of the temporary shut down of cinemas due to COVID-19 Pandemic. In the same quarter of the previous fiscal, the company had reported revenue of Rs 142.6 crore.
The company said that continued focus on optimising costs and conserving cash has helped the company sustain in this period. EBITDA loss stood at minus Rs 22.7 crore compared to EBITDA of Rs 36 crore in Q3 FY20. Loss before tax at Rs 37.2 crore compared to a profit before tax of Rs 17.9 crore and net loss stood at Rs 28.2 crore compared to Rs 27.4 crore.
On January 27, 2021, the Ministry Of Home Affairs (MHA) removed the restriction of up to 50% seating capacity on Cinemas subject to revised SOPs. On January 31, 2021, the Ministry of Information & Broadcasting (I&B) issued revised Standard Operating Procedures (SOPs)allowing 100% seating capacity.
“2020 was not an ordinary year as economies were decimated and lives were lost due to the pandemic. However, India acted swiftly and was able to control the spread of the virus. The film exhibition industry was one of the most severely impacted sectors. However, with the vaccine roll-out, the confidence to socialize has increased," said UFO Moviez Joint Managing Director Kapil Agarwal.
“With the Central government allowing Cinemas to operate at 100% seating capacity, cinemas have gradually started reopening. As the content pipeline builds and the number of new movie releases increases, the audiences have gradually started going to cinemas. The Box Office collections of movies like Master and Wonder Woman have been encouraging. To provide a steady supply of films to enable cinema reopening, UFO has also entered the film distribution business. This has had a positive impact on the film exhibition industry. We are optimistic about the future of the industry and believe that it will bounce back strongly in 2021.”
UFO Moviez is India’s largest in-cinema advertising platform with the power to impact almost 2.0 billion viewers annually through 3,633 screens under the PRIME and POPULAR channels across 1,180 cities& towns.
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