Business

Inox Leisure balance sheet splashed with red ink

ANI | August 05, 2020 04:34 PM
The cinema exhibition sector is still not permitted to re-start operations

Mumbai (Maharashtra) [India], Aug 5 (ANI): Multiplex chain Inox Leisure Ltd said on Wednesday it suffered a loss of Rs 74 crore in the April to June quarter following closure of movie theatres across India by government orders to contain the spread of Covid-19.

In Q1 FY20, it had reported a profit of 27 crore. Revenue from operations came crashing down to Rs 25 lakh in Q1 FY21 from Rs 493 crore in Q1 FY20.

Total expenses were reduced from Rs 455 crore to Rs 101 crore in the same period.

"The Covid-19 pandemic and the resultant lockdown declared by the government in March has impacted the entire entertainment industry and consequently the business activities of company are also adversely affected. The cinema exhibition sector is still not permitted to commence operations," Inox said in a statement.

The company said it has taken effective steps to reduce operational costs in all areas.

Given the continuing uncertainties due to Covid-19 pandemic, its actual impact may be different from that estimated now which will require impact assessment on the company's operations to be continuously monitored, it added.

(ANI)

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