Cineplex Narrows First-Quarter Loss as Box Office Revenue Soars
The Canadian exhibitor saw 9.8 million patrons in its theaters, against a year-earlier 6.7 million moviegoers, as ‘The Super Mario Bros. Movie’ and ‘Avatar: The Way of Water’ helped fill cinema seats.
Canadian exhibition giant Cineplex saw its first quarter loss narrow and its overall revenues climb by nearly half as the Hollywood box office recovery continues north of the U.S. border.
Toronto-based Cineplex posted a loss of CAN$30.4 million dollars (US$22.4 million), or CAN$.48 per-share (US$0.35), compared with a loss of CAN$42.2 million, or CAN$0.67-per-share in the same period of 2022.
The narrowing loss came as overall revenue jumped 49 percent to CAN$341 million ($252.8 million), compared to a year-earlier CAN$228.7 million, as families and older audiences, a demographic wary of the multiplex during the pandemic, increasingly join teens in Canadian theaters as the health emergency ends.
