PVR-INOX plans to shut down around 50 screens
16 May 2023 11:02 PM IST
New Delhi: Leading cinema exhibitor PVR INOX plans to close around 50 loss-making screens, having an accelerated depreciation.
"The company plans to shut down approximately 50 cinema screens over the next 6 months," said PVR INOX in its investor's update for the fourth quarter and financial year ending of March 31, 2023.
These properties are loss-making, or housed in malls which have reached the end of their life cycle with little hope of any revival.
"The company has taken an accelerated charge of the depreciation in its books and written off the WDV of assets," it said.
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