Weak Admissions Drive Down Revenues for Cinema City

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Weak Admissions Drive Down Revenues for Cinema City Cinema City in Bacau, Romania

ROTTERDAM: Cinema City International (cinemacity.nl), Central Europe’s largest multiplex operator, reported a 5.5 percent decline in revenues and 4.9 percent decline in ticket sales in the first half of 2012 in year-on-year comparisons in its six month financial report.

The larger drop in revenues was attributed to a weakened euro. Overall admissions were poorer in Poland, Bulgaria and Slovakia, while strong in Romania, Hungary and the Czech Republic.

Cinema City had revenues of 121.1 m EUR in the first half of 2012, down by over 7 m EUR, and net income of 7.2 m EUR, a drop of 27 percent. Admissions fell by almost 1 million, to 16.1 million for the period.

Operating costs were lower for the period, following completion of the digitalisation process.

The company stock, traded on the Warsaw Stock Exchange (gpw.pl), was down to its one-month low at 25.65 PLN at the end of trading on 30 August, but rose on 31 August to 27.31 PLN, close to its average for the month.

Cinema City operates 98 multiplexes with 943 screens. The company has agreements in place to open an additional 29 multiplexes with some 300 screens.