01-09-2014

Global City Holdings Moves beyond Exhibition

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WARSAW: Global City Holdings, the largest cinema exhibitor in CEE and second largest in Europe, reported a decrease in revenues in the first half of 2014 but increases of over 70 percent in both net income and earnings per share.

Revenues for the first half of 2014 were 56.4 m EUR, compared to 136.3 m EUR for the same period in 2013. Net income was up, at 13.9 m EUR compared to 8.1 m EUR in 2013 and earnings per share were 0.28 EUR in 2014 compared to 0.16 EUR in 2013.

The company expanded its area of interest into real estate (in Bulgaria) and leisure operations (in Poland) in addition to its cinema business.

In its six month report, the company noted that cinema revenues were down but are expected to improve in the second half of the year.

Cineworld, the cinema arm of Global City Holdings, owns 204 cinemas with 1,870 screens in nine territories, including Poland, Slovakia, Czech Republic, Romania, Hungary and Bulgaria. The company plans to open an additional 470 screens within the next three years.