Do More With Reuters
Partner Services

Pyramid Saimira cuts expansion plans, closes screens

Mon Sep 22, 2008 4:42pm IST
 
Email | Print | | Single Page
[-] Text [+]

MUMBAI, Sept 22 (Reuters) - Media company Pyramid Saimira Theatre Ltd (PYSA.BO: Quote, Profile, Research) has cut down on its expansion plans as it is losing money in northern and western India, a top official said on Monday.

The theatre chain, primarily focussed on the south Indian market, has also closed down 25 screens in western India and another eight in northern India in the last two months, Chairman P.S. Saminathan said.

"We were losing money there, so we withdrew from these areas. We expect the industry will not grow much this year," he said, referring to India's overall entertainment industry.

The Chennai-based firm, which had been planning to raise $75 million, may now defer some of the fund-raising because of the cutback, Saminathan said. The company has borrowed 1.5 billion rupees from banks, he added. The company expects consolidated revenue in 2008/09 to grow 35-40 percent to 13.5 billion to 14 billion rupees, he said. (Reporting by Jasudha Kirpalani, Editing by Ramya Venugopal)

Russian Finance Minister Alexey Kudrin poses with his G20 colleagues and central bank leaders during the family photo at the G20 Finance Ministers meeting at a hotel in St. Andrews, Scotland. REUTERS/POOL New
Pledge to support economies

G20 financial leaders pledged to prepare strategies to end emergency support for their economies, but to keep the aid flowing until recovery was assured.  Full Article | Related Story 

special coverage

Photo
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.  Full Coverage 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SHOWCASE

Sanjay Sinha
Balancing Act

In India, it is a tough choice between growth, managing inflation and financial stability.  Full Article 

 
Nipun Mehta
Road to Recovery

There needs to be an acceptable balance created between education and healthcare and infrastructure spend, says Nipun Mehta of SG Private Banking.   Full Article 

 
Robot Asimo

Snapshots of Honda Motor's humanoid robot Asimo  Slideshow 

 
Marketing Strategy
Marketing Strategy

Companies are now using direct marketing methods to sell their products.  Full Article 

 
Exit Plans
Exit Plans

Factbox - Stimulus exit plans for Asia-Pacific's big 5 economies  Full Article