Regal owner Cineworld says third-quarter cinema admissions have been 'below expectations,' with the fourth quarter “anticipated to be stronger'
Cineworld said that it has “revised down its short- and medium-term cinema admission forecasts,” explaining that “the review was prompted by the slower-than-expected recovery being experienced in 2022 combined with external forecasts indicating a lower volume of theatrical releases in 2023 and 2024.”
Cineworld shared its updated forecast on Friday as it reported a revenue gain for the first half of 2022 and a swing to an operating profit, helped by “steadily increasing admission levels and strong average ticket prices and spend per person.” Admissions for the January-June period hit 82.8 million, up from 14.1 million in the same period of 2021, which had included “a period of temporary closures from January to April/May 2021 due to COVID-19 restrictions and limited film slate.
Cineworld swung to an operating profit for the six months of $57.3 million, compared with a year-ago loss of $208.9 million. Its net loss before tax of $364.9 million narrowed from a loss of $576.4 million for the same period in 2021.
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