Regal Owner Cineworld’s Future Admissions to Remain Below Pre-Pandemic Levels, Interim Results Reveal
Naman Ramachandran Beleaguered cinema chain Cineworld, which recently commenced Chapter 11 proceedings in a Texas bankruptcy court, has revealed interim financial results for the period ended June 30, 2022, and the overall picture is not rosy. While the company’s revenue for the first six months of 2022 rose to $1.51 billion, from $292.8 million during the same period in COVID-hit 2021, operating profit rose to $57.3 million from last year’s loss of $208.9 million and loss before tax shrank to $364.9 million from $576.4 million, cash reduced to $131 million in June from $354 million at the end of 2021. The group owns Regal Cinemas in the U.S. Thanks to cinemas remaining open uninterruptedly, admissions soared to 82.8 million from 14.1 million in 2021. However, “Q3 admissions have been below expectations,” Cineworld said in a statement, adding that “cinema admissions in both FY23 and FY24 are expected to remain below pre-pandemic levels.”