Cineplex sees profit boost as Barbie, Oppenheimer create ‘unprecedented’ demand
Global News
The Toronto-based theatre giant said Thursday that its net income for the period ended June 30 towered over the $1.3 million it earned in the same period a year earlier.
Cineplex Inc.’s net income mushroomed to $176.5 million in its second quarter as “The Super Mario Bros. Movie” hit theatres and the cinema chain began preparing for a “Barbie” boost.
The Toronto-based theatre giant said Thursday that its net income for the period ended June 30 towered over the $1.3 million it earned in the same period a year earlier.
Ellis Jacob, Cineplex chief executive, attributed the lift to “the return of strong film product,” which came as the company and other theatre chains continued to rebound from the COVID-19 pandemic, which temporarily closed cinemas and slowed the flow of new releases.
“Our business made tremendous strides during the quarter and that momentum continues,” he said on a Thursday call with analysts.
The biggest hit Cineplex had on offer in the second quarter was “The Super Mario Bros. Movie,” which set a record for the biggest opening for an animated film ever. Music screenings from BTS member Suga, Machine Gun Kelly and Coldplay and Punjabi films “Annhi Dea Mazaak Ae,” “Godday Godday Chaa” and “Jodi” also delivered audiences.
The lineup pushed up Cineplex’s second quarter revenues by 21 per cent to $423.1 million compared with $349.9 million the year before.
However, box office revenues of $164.5 million remained at 79 per cent of 2019 levels, which reached $189.4 million.
More progress may be made in the third quarter, which covers the July 21 releases of “Barbie,” the film starring Margot Robbie and Ryan Gosling about the popular Mattel doll, and “Oppenheimer,” Christopher Nolan’s epic about the creation of the atomic bomb.
