Business

Cineplex ekes out $1.3M quarterly profit — its first since pandemic began

Cineplex Inc. says it generated positive net income for the first time since the start of the pandemic.

11 million people saw a movie at a Cineplex location during the quarter, up from 1 million last year

11 million Canadians watched a movie at a Cineplex venue last quarter. This time last year, only 1 million did. (Christopher Katsarov/The Canadian Press)

Cineplex Inc. says it generated positive net income for the first time since the start of the pandemic.

The movie theatre company says net income amounted to $1.3 million or two cents per share for the quarter ended June 30 compared with a loss of $103.7 million or $1.64 per share a year earlier.

Revenue totalled $349.9 million, up from $64.9 million the prior year.

Cineplex says theatre attendance in the quarter totalled 11.1 million compared with 1.1 million in the same quarter last year when it was still facing pandemic-related restrictions.

Box office revenue per patron was $12.29 in the second quarter, compared with $10.89 a year ago, while concession revenue per patron was $8.84, up from $7.86 in the same quarter last year.

Top Gun: Maverick, Doctor Strange in the Multiverse of Madness and Jurassic World Dominion were Cineplex's top films in the quarter and CEO Ellis Jacob said in a release that the cumulative success of these films "is a testament to the fact that when strong film product is available, Canadians return to (the company's) theatres in droves."

Comments

To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.

Become a CBC Account Holder

Join the conversation  Create account

Already have an account?

now