Multiplex giant PVR Ltd on Wednesday reported disappointing results for the quarter that ended on March 31, 2021. The company said that due to the Corona virus pandemic, it has a consolidated net loss of Rs 289.12 crore for the quarter ended March 31, 2021.
During the same quarter of the last fiscal, the company had posted a net loss of Rs 74.49 crore. PVR in a regulatory filing said that the total income during the period under review stood at Rs 263.26 crore against Rs 661.78 crore in the comparable quarter a year ago.
However, the company stated that the implementation of lockdown, social distance and reduction of content had a severe impact on performance.
The company said that the last financial year was the worst for the multiplex industry. However, it said it was taking steps to reduce fixed costs and provide adequate liquidity.
“FY 2020-21 was one of the toughest years for the multiplex industry and the company could successfully navigate the challenges on account of COVID-19 through a steady focus on reducing fixed costs and keeping adequate liquidity on the balance sheet,” it added.