PVR, India’s leading multiplex cinema chain, is to buy back a 10% share stake owned by an investment subsidiary of luxury goods giant LVMH.
The move followed strong financial results by PVR, which did not disclose the purchase price.
The stake had been held by L Capital Eco, part of LVMH’s L Capital Asia, since August 2012.
PVR revealed net profits of $5.11 million (INR316 million), up 127%, for the third quarter, the three months to December 2014. Ticket sales were up 12% and revenue was up 25% to $66.7 million (INR4.12 billion).
Footfalls were boosted by the strong performance of Bollywood titles “Haider,” “Bang Bang,” “Happy New Year” and “PK.”
PVR operates 462 screens at 104 complexes in 44 cities in India. It expects to open a further 21 screens by the end of March.
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