MUMBAI: UFO Moviez, India’s largest in-cinema advertising platform, with the power to impact almost 2.1 billion viewers annually through 3600+ screens under the PRIME and POPULAR channels across 1200+ cities & towns, today, announced its financial results for the quarter and nine months ended December 31, 2019.
In quarter ended December 31, 2019, company's consolidated revenue stood at ₹1,426 (Q3FY19 – ₹1,547) million. EBITDA stood at ₹360 (Q3FY19 – ₹406) million. PBT stood at ₹179 (Q3FY19 – ₹230) million and PAT increased by 87.2% to ₹274 (Q3FY19 PAT – ₹146) million.
Its advertisement revenue stood at ₹427 (Q3FY19 – ₹626) million. Average advertisement minutes sold per show per screen stood at 5.03 (Q3FY19 – 5.81) minutes.
On July 18, 2019 the Company and Valuable Digital Screens Private Limited (VDSPL), its wholly owned subsidiary company, had filed a joint application in relation to the Scheme of Arrangement between VDSPL and the Company and their respective shareholders (“the Scheme”) with the National Company Law Tribunal (“NCLT”). The NCLT, vide its order dated November 21, 2019 sanctioned the Scheme for demerger of Caravan division of VDSPL with the Company with effect from April 1, 2019 (the Appointed date).
The Scheme became effective from December 4, 2019. Pursuant to the Scheme, the carrying amount of all the assets, liabilities, income and expenses pertaining to the Caravan division has been transferred to the Company and the Company has recognised deferred tax assets amounting to ₹124 million resulting in lower taxes during the quarter ended December 31, 2019.
“The new brand identity which we rolled out in December 2019 has received positive feedback from advertisers and it positions us strongly for the future” said UFO Moviez joint managing director Kapil Agarwal. “On the business front, the slowdown in the economy is posing challenges, resulting in weak revenues in both Corporate and Government advertisement segments. Despite short-term challenges, we are optimistic about the future and continue to focus on driving advertisement revenues. We are confident that our continued efforts will help in delivering sustainable growth and shareholder value.”
