Pyramid Saimira increases turnover, profit but skips dividend
Monday, 30 June 2008, 07:00 Hrs
Chennai: The city-based entertainment company Pyramid Saimira Theatre Ltd closed the 2007-08 fiscal with a revenue of 7.49 billion and an after-tax profit of 578.7 million. The corresponding figures the previous year were 1.64 billion and 134 million. Pyramid, which operates theatre chains as well as food courts and canteens, skipped dividend in order to conserve cash for future expansion activity. The company attributed the sudden jump in revenues to the addition of 500 screens, taking the total to 765 screens with a seating capacity of 486,000. Average revenue per patron during the year was 40, while the average capacity utilisation during the year stood at 36.40 percent. Pyramid is also the holding company for other group firms operating in related businesses in media and entertainment. The consolidated turnover of the Pyramid group for the period under review was 10.62 billion and the net profit was 1.17 billion. It had acquired companies in the media and entertainment field last fiscal to have a presence in production, post-production, distribution, exhibition, gaming, advertising and direct to home (DTH) space. The group acquired FunAsia, a theatre chain in the US, and a UK-based gaming and animation company, Aurona Technologies Ltd, during the year. As a forward integration strategy, Pyramid also acquired a domestic cinema advertising firm, Dimple Cine Advertising Ltd. "While the year 2007-08 has been marked by rapid growth and expansion, this year, we intend looking towards integrating and unifying synergies across the group," said Pyramid chairman P.S. Saminathan.