Cineworld achieves surge in interim revenue as admissions jump

(Alliance News) - Cineworld Group PLC on Friday reported a huge half-year revenue jump and a narrowed loss, as it eyes stronger admissions in the new quarter.

The movie house chain said in the first half of 2022, its pretax loss narrowed to USD364.9 million from USD576.4 million a year before. Revenue jumped to USD1.52 billion from USD292.8 million.

Admissions surged to GBP82.8 million from GBP14.1 million a year ago.

Adjusted earnings before interest, tax, depreciation and amortisation amounted to USD364.2 million, swinging from a loss of USD21.1 million, reflecting the "improved operating conditions combined with the effects of ongoing cost control measures".

However, Cineworld said admissions in the third quarter were below expectations. It expects the next quarter to be strong, "supported by the scheduled release of Black Adam, Black Panther: Wakanda Forever, Avatar: The Way of Water and other blockbuster films".

Chair Alicja Kornasiewicz said: "Despite the gradual easing of Covid-19 restrictions and the group's improved performance, particularly over the second quarter of the half-year period, the lingering impact of the Covid-19 pandemic contributed to us continuing to face pressures, particularly in relation to our balance sheet and liquidity position."

Earlier this month, Cineworld won court approval for up to USD785 million of USD1,94 billion debtor-in-possession financing facility.

Cineworld shares were down 2.2% at 3.03 pence each on Friday morning in London.

By Xindi Wei; xindiwei@alliancenews.com

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