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The Economic Times

PVR Q3 net profit up marginally at Rs 9.13 cr

NEW DELHI: Multiplex chain operator PVR Ltd today said its consolidated net profit rose by 1.44 per cent to Rs 9.13 crore for the third quarter ended December 31, 2012, over the same period previous fiscal.

The company had posted a net profit of Rs 9 crore for the same period of previous year, PVR Ltd said in a filing to the BSE.

Net sales of the company rose to Rs 201.93 crore for the third quarter, as against Rs 139.25 crore during the same period of previous fiscal.

"The good results are also a function of company's long term location strategy to partner in best mall developments in the country, its unique design philosophy, strong customer focus and a unique brand positioning," PVR Chairman-cum- Managing Director Ajay Bijli said.

Earlier this month, the company completed the acquisition of 69.27 per cent stake in Cinemax India Ltd from its erstwhile promoters.

In compliance with SEBI Takeover Code, PVR has also announced an open offer to shareholders of Cinemax for an additional 26 per cent stake, and the tendering period shall commence on February 4, 2013, the company said.

Commenting on the future plans, PVR Chief Financial Officer Nitin Sood said the main focus of the company would be to leverage synergies from the combined network of PVR and Cinemax properties.

Shares of PVR today closed at Rs 273.75 on the BSE, down 0.71 per cent from its previous close.
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