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On standalone basis, for the quarter ended June, 2007, Cinemax reported 14% dip in sales at Rs 15.67 crore on the back of dip in construction revenues with 26% rise in theatrical revenues at Rs 16.14 crore. Operating margins improved 330bps at 22.3% on the back of fall in direct cost. The net profit grew 34% at Rs 1.83 crore.
On May 11, 2007 the Company inaugurated its 12th Multiplex in the Country at Guwahati, Assam. With the commencement of operation at this place, the Company shall have more than 10,800 seats having 38 screens. The multiplex at Cinemax Guwahati is a FIRST THEATRE of its kind in the State of Assam and first new theatre after more than two decades in Guwahati.
Further, the Company tied up with a Mall Developer for 3 Screen Multiplex at Vashi, Navi Mumbai housing approximately over 900 seats.
On July 06, 2007 the Company commenced its 13th Theatre "The Red Lounge – Cinemax" at Bandra, Mumbai which is also 10th theatre in Mumbai region. With the commencement of operation at this place, the Company shall have capacity of 11,028 seats housing 39 screens.
Quarterly Performance (Standalone)
For the quarter ended June 2007, Cinemax reported 14% dip in sales at Rs 15.67 crore on the back of dip in construction revenues of 96% at Rs 21 lakh. Going forward, the construction revenues will become non-existent except for when the company starts selling off the property at Nagpur. The theatrical revenues grew 26% at Rs 16.14 crore aided by addition of properties. OPM improved 330bps at 22.3% with direct costs coming down 1280bps at 46.2% on account of lower construction activity as a % of revenues. Staff cost and other expenditure increased 260bps at 9.4% and 580bps at 17.6% on account of lower construction income.
The operating profits stood at Rs 3.50 crore up 1%. Other Income for the quarter surged 244% at Rs 1.10 crore on account of higher investment income. Interest cost was down 30% at Rs 70 lakh and depreciation charge was down 36% at Rs 1.18 crore. PBT for the quarter was up 42% at Rs 2.72 crore. Tax provision for the quarter increased 62% at Rs 89 lakh and the resultant PAT grew 34% at Rs 1.83 crore.
Yearly Performance (Standalone)
For the year ended March 2007, on standalone basis, Cinemax reported 63% growth to Rs 68.98 crore. Exhibition business sales grew 214% to Rs 53.80 crore and construction segment revenues dipped 35% to Rs 16.51 crore. The number of screens increased from 7 screens to 34 screens. Operating margins dipped 370bps to 24.2% due to higher other expenditure up 240bps to 16.4%, staff cost up 20bps to 7.9% and direct cost up 10bps to 52.2%. OPM for exhibition business stood at 24.7% and construction 28.7%.
Operating profits for the year grew 41% to Rs 16.66 crore. Other Income for the year grew 38% to Rs 2.07 crore. Interest cost was up 60% to Rs 3.91 crore and depreciation cost was up 331% to Rs 4.05 crore on the back of addition of screens. PBT before EO grew 9% to Rs 10.77 crore. For FY07, the company wrote off excess insurance claim of Rs 0.51 crore and in FY06, the company wrote back depreciation of Rs 2.2 crore on change of accounting policy. PBT after EO dipped 15% to Rs 10.26 crore. Tax for the year was down 8% to Rs 2.90 crore. PAT was down 18% to Rs 7.36 crore. Net profit after prior period tax of Rs 9 lakh was down 19% to Rs 7.27 crore.
Yearly Performance (Consolidated)
For the year ended March 2007, on consolidated basis, comparing with proforma numbers as per prospectus, Cinemax reported 38% growth to Rs 100.16 crore. Exhibition business contributed 84% to Rs 85.14 crore and construction segment revenues contributed 16% to Rs 16.51 crore. Operating margins improved 440bps to 25.4% due to lower direct cost down 960bps to 52.2%. However, other expenditure was up 300bps to 16.2% and staff cost up 210bps to 6.2%. OPM for exhibition business stood at 24.5% and construction 28.7%.
Operating profits for the year grew 68% to Rs 25.49 crore. Other Income for the year was Rs 2.24 crore. Interest cost was up 21% to Rs 4.92 crore and depreciation cost was up 89% to Rs 5.52 crore on the back of addition of screens. PBT before EO grew 66% to Rs 17.29 crore. For FY07, the company wrote off excess insurance claim of Rs 0.51 crore. PBT after EO grew 61% to Rs 16.78 crore. Tax for the year was up 91% to Rs 5.21 crore. PAT was up 51% to Rs 11.57 crore. Net profit after prior period tax of Rs 9 lakh was up 49% to Rs 11.48 crore.
Valuation
After the sharp fall in the markets, the shares of the company are trading at Rs 139.65 at the bourses.
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