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On standalone basis, for the quarter ended September, 2007, Cinemax reported 22% rise in net sales at Rs 16.86 crore on the back of dip in construction revenues with 40% rise in theatrical revenues at Rs 17.43 crore. Operating margins improved 190bps at 26.4%. PAT grew 245% at Rs 2.90 crore.
Of the IPO proceeds of Rs 108.50 crore the company has utilized Rs 45.50 crore towards setting up of new theatres and Rs 6.77 crore towards issue expenses. The balance funds are invested in Mutual Funds and Bank Fixed Deposits.
On September 25, 2007, Cinemax launched its 14th multiplex facility in the country at Panipat, Haryana, first of its kind in the state. It is 720 seats - 3 screens multiplex.
Quarterly Performance (Standalone)
For the quarter ended September 2007, Cinemax reported 22% rise in sales at Rs 16.86 crore. The theatrical revenues grew 40% at Rs 17.43 crore aided by addition of properties. OPM improved 190bps at 26.4% with Film Distributor’s share was up 170bps at 24.7%, consumption of F&B was down 200bps at 4.6% and staff cost was down 30bps at 9.4%.
The operating profit was up 32% at Rs 4.45 crore. Other Income for the quarter surged 220% at Rs 1.73 crore on account of higher investment income. Interest cost was down 40% at Rs 64 lakh and depreciation charge was up 15% at Rs 1.22 crore. PBT before EO was up 141% at Rs 4.32 crore. For corresponding quarter previous year, the company wrote off excess insurance claim of Rs 0.51 crore. PBT after EO was up 238% at Rs 4.32 crore. Tax provision for the quarter increased 223% at Rs 1.42 crore and the resultant PAT grew 245% at Rs 2.90 crore. PAT after prior period tax of Rs 7 lakh was up 277% at Rs 2.90 crore.
Half Yearly Performance (Standalone)
For the half-year ended September 2007, on standalone basis, Cinemax reported 1% growth at Rs 30.99 crore. Theatrical business sales grew 35% at Rs 31.89 crore and Retail space segment revenues dipped 96% at Rs 30 lakh. Operating margins improved 330bps at 25.7% on the back of reduction of revenues of Retail space.
Operating profits for the period grew 16% at Rs 7.95 crore. Other Income for the period grew 233% at Rs 2.83 crore. Interest cost was down 35% at Rs 1.35 crore and depreciation charge was up 24% at Rs 2.39 crore on the back of addition of screens. PBT before EO grew 90% at Rs 7.04 crore. For the corresponding period previous year, the company wrote off excess insurance claim of Rs 0.51 crore. PBT after EO grew 120% at Rs 7.04 crore. Tax for the period was up 137% at Rs 2.32 crore. PAT was up 113% at Rs 4.72 crore. Net profit after prior period tax of Rs 7 lakh in the corresponding period previous year was up 120% at Rs 4.72 crore.
Valuation
The shares of the company are trading at Rs 115 at the bourses.
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