UFO Moviez released its financial results for the three and nine months ended December 31, 2021 today.
The company’s theatrical revenues have been steadily increasing since November 2021, owing to the release of Bollywood films.Advertisement revenues, on the other hand, have been flat in recent years and are only likely to gradually increase.
In Q3 FY22, the company reported consolidated sales of Rs 52.1 crore, up from Rs 27.4 crore in Q3 FY21. The EBITDA loss has shrunk to Rs 2 crore, down from Rs 22.7 crore the previous year.
Furthermore, the net loss has decreased from 28.2 crores to 13 crores. The 3rd wave of COVID-19, led by the Omicron variant, was wreaking havoc on India’s major metropolises by the end of December 2021.
Theatres in Delhi, Haryana, Bihar, Tripura, and Himachal Pradesh were once again completely closed as a result of the surge and the resulting limitations, while certain other states re-imposed seating restrictions.
Theatres in Delhi, however, have been permitted to reopen and operate with a 50% occupancy rate, according to a recent notification. Theatres have also opened in Haryana and Tripura.
“The Company’s financial performance improved during the quarter under review, owing to consistent release of films across genres and languages,” stated Kapil Agarwal, Joint Managing Director.
“The publication and success of Sooryavanshi in November was a watershed moment because it reaffirmed everyone’s belief in cinema as a form of social enjoyment.Other films that did exceptionally well at the box office included Annaathe, Spiderman, Eternals, Pushpa: The Rise, and 83.
However, by the end of December, the third wave of COVID-19, which was led by the Omicron variant, had imposed temporary restrictions in some states once more.
As a result, many film studios have decided to postpone their releases. Nonetheless, the third wave of COVID-19 is expected to have a limited impact.As the bulk of India’s population has been vaccinated, cases have begun to fall, and restrictions in some states have been removed.
We expect blockbuster movies to resume releasing in theatres shortly as limitations are eased and the release schedule is incredibly robust, continuing the Industry’s complete recovery.”
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