Phoenix Mills posts consolidated net loss of Rs 35.9 crore in Q2 FY21

Mall developer and operator Phoenix Mills has recorded 44% rise in October consumption levels from September and the improvement has continued in November across its major properties.

At the portfolio level, the consumption in the first week of November is now at 85% of the same period last year, the company said.

The consumption has benefitted from increase in mall operation hours across cities, resumption of food & beverage facilities and pickup on account of festive season. With multiplexes opening up from this month and the ongoing festive season, the company expects mall consumption to continue the upward trajectory.

The company has reported consolidated net loss of Rs 35.9 crore for the quarter ended September as against net profit of Rs 65.7 crore a year ago. The company, however, managed to reduce its loss from Rs 50.51 crore in the quarter ended June that was marked by lockdowns owing to the outbreak of Covid19.

Total income for the September quarter Rs 214.9 crore, down 48% from a year ago. However, the company’s income rose 55.1% sequentially from April-June quarter.

According to Phoenix, all of its nine malls spread over 7 million sq ft are now operational from September as against three malls that were open in June. The area under operation across major malls stood at around 92% in October.

With multiplexes gradually reopening from November across cities, the company expects the operational area to rise further in the ongoing quarter.

On Thursday, shares of Phoenix Mills closed at Rs 602.95, up nearly 1% over previous close.