Cineplex, the Canadian cinema chain, experienced a loss in the fourth quarter, although revenue saw an increase due to a rise in moviegoers during this period.
Financial Performance
In the comparable quarter of the previous year, Cineplex reported a profit of C$10.2 million, or C$0.16 per share. However, this year, the company recorded a loss of C$9 million, or C$0.14 per share. Analysts had anticipated a loss of C$0.08 per share, according to FactSet.
Revenue Growth
Despite the loss, Cineplex’s revenue rose to C$315.1 million from C$309.9 million. The boost in revenue was primarily driven by higher box office earnings, which reached C$181.8 million compared to C$123.8 million in the prior year’s quarter. Notably, December stood out as a particularly successful month. However, pre-pandemic levels have not yet been reached, as current box office revenue remains at 68% of 2019 levels.
Increased Theater Attendance
The number of moviegoers also saw an increase, with theater attendance reaching 9.6 million compared to 9.2 million in the previous year’s quarter.
January Performance
Cineplex reported that box office revenue for January amounted to C$52 million, surpassing the C$37.6 million recorded in January 2023. This represents 72% of the box office revenue achieved in January 2019.
