Patrick Frater Asia Bureau ChiefImax’s massive China operations are forecasting a rebound into profit after previously losing money due to the COVID-19 outbreak.The separately-listed Imax China company is forecasting net profits of $19-20 million for the six months to June 2021.
That compares with losses of $35 million in the first half of 2020, when cinemas in mainland China and Hong Kong were mostly closed.The information was contained in a positive profit alert notice filed by Imax China on Monday to the Hong Kong Stock Exchange.Mainland Chinese cinemas began to reopen in July 2020 and most were allowed to operate with 75% capacity from late September.
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