07-09-2011

Cinema City Shows Mixed Results in 2011

By FNE Staff

    Regional exhibitor Cinema City (www.cinemacity.nl) reported an 12.6% increase in ticket sales, reflecting its agressive acquisition strategy, but a decrease in per screen attendance of 11.9%

    Cinema City, which owns and operates cinemas in Poland, Czech Republic, Slovakia, Hungary, Romania, Bulgaria, and Israel, sold 17 million tickets in the first half of 2011, generating revenues of 128.2 million euros. Ticket sales improved by 36% in the second quarter of the year. The increase was helped by the acquisition of Palace Cinemas in early 2011 and the opening of a new cinemas in Romania and Hungary. Per screen attendance also increased by 5.2% in quarter two.

    By 30 June 2011, the company operated 882 screens in 93 cinemas, including 9 IMAX screens. The stock price continued its downward trend, dropping some 7% from its mid-August high, and by almost 50% since its 1 January 2011 high of 45.1 PLN, closing at 27.4 on 8 September 2011.