Chennai-based Pyramid Saimira Theatre Ltd (PSTL) has declared its foray into the Malayalam film industry by earmarking a Rs 25 crore initial investment in the state.
Managing Director PS Saminathan said PSTL plans to lease theatres in major cities including Thiruvananthapuram, Kannur, Allapuza and Karunagapally. The theatres will have the Pyramid Saimira branding and issue biometric cards for Rs 100 a month, allowing the card holfer to watch any number of movies every month.
N Narayanan, director, Pyramid Saimira Theatre, said, “The chief priorities for PSTL would be modernisation of theatres, including creation of multiplexes, and the implementation of advanced filmmaking technology, improving the distribution and marketing of Malayalam films, and the creation of a ‘privileged viewer’ programme that would reward regular movie-goers with perks like parking spaces, pre-ordering options, and separate ticket desks.”
A listed company, the theatre chain comprises over 371 screens across South. The agenda by year 2010 is to establish footprint across 1,550 locations across India with over 2,000 screens. The company is also present in Malaysia through a joint venture company, Pyramid Saimira Theatre Chain Malaysia Sdn Bhd.
For Q1 FY08, Pyramid Saimira has registered net profit of Rs 16 crore, versus Rs 5.83 crore in previous quarter. Net sales was up at Rs 122.7 crore, versus Rs 67.56 crore during same period last year.