India – Having confirmed its new acquisition, Cinepolis won’t just re-brand the Fun cinema circuit but revamp its entire portfolio, we are told. And it also plans a significant – but realistic – organic expansion.
Cinepolis India Pvt. Ltd, the Indian movie exhibition arm of Mexican chain Cinepolis, is planning to add 60 screens to take its total count to over 250 screens by the end of 2015, said a company executive.
“With the acquisition of Fun Cinemas assets, we now have 193 screens and… we will end 2015 with more than 250 screens,” said Javier Sotomayor, managing director at Cinepolis India. LINK
India – A strong end to 2014 for Bollywood translates into a good quarter for PVR.
India’s largest cinema chain PVR announced robust financials for the quarter ending 31 December, the third quarter in the country’s financial year. The company posted revenues of $702 million (rupees 4.21 billion), up 24 per cent on the same period in 2013. Profit after taxes reached $5.26 million (316 million rupees), up by 127 per cent, while EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 63 per cent to $14 million (840 million rupees).
PVR claimed the strong results were due to solid hits including Disney-UTV Motion Pictures’ record shattering PK (considered the most successful Indian film), Fox Star Studios’ Bang Bang! (a Bollywood remake of the Tom Cruise-Cameron Diaz starrer Knight and Day), superstar Shah Rukh Khan’s Happy New Year and director Vishal Bharadwaj’s Hamlet adaptation Haider. LINK
PVR has also announced that it is buying back the stake in the exhibitor owned by luxury good company LVMH.
PVR, India’s leading multiplex cinema chain, is to buy back a 10% share stake owned by an investment subsidiary of luxury goods giant LVMH.
The move followed strong financial results by PVR, which did not disclose the purchase price.
The stake had been held by L Capital Eco, part of LVMH’s L Capital Asia, since August 2012. LINK