Ceylon Theatres spends Rs. 85mn to take cinemas to the North

2 October 2013 11:03 am - 0     - {{hitsCtrl.values.hits}}

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Ceylon Theatres (Pvt) Ltd (Ceylon Theatres), the oldest theatre operator in the country and a subsidiary of C T Holdings PLC is now planning to expand its footprint taking their new generation film theatres to Jaffna.

Ceylon Theatres, the market leader in the imported film exhibiting sector said they had identified a mall in Jaffna that is being developed to set up 3 screens at an investment of Rs.85 million.

“Ceylon Theatres is also planning to set up 3 screens in a mall being developed by the group in Jaffna at a total cost of Rs. 85 million,” the company said in its annual operational review.

Meanwhile the company said one of the screens would also have the 3D facility and said this screen would be opened for patrons as early as the end of this calendar year.

The company has already commenced the work of Cineplex as a part of a commercial development project of the group.

Ceylon Theatres currently operates about 30 theatres, mostly in urban areas.

The Sri Lankan film exhibition industry is currently going through a dramatic change where the patrons are demanding for high quality entertainment facilities.

Digital technology is taking a central role in sound, projection etc. while 3D facilities with advanced sound systems are also common, the company said.

During the recent past the company invested about Rs.100 million in aligning with these industry trends and client demands.

This year the company went on to commence its second 3D screen at Majestic Cinema, following the commencement of its first 3D screen.

Sri Lankan film industry currently has three major players; Rithma circuit, EAP Films and Theatres (Pvt) Limited and Ceylon Theatres.

Rithma circuit is currently the largest player with the highest number of theatres under its wing (62 theatres) predominantly located outside city limits, followed by EAP with 45 theatres owned and managed by EAP.

While EAP and Ceylon Theatres screen both local and imported films, Rithma screens only local movies.

For the year ended March 31, 2013 the company recorded revenues of Rs. 157 million, up 50 percent with the profit of just Rs. 1.0 million largely due to the lower than anticipated returns on certain blockbuster films sourced by Ceylon Theatres and high operating costs.

“These challenges are being addressed and better returns are expected in the following years,” the company further said.
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