China's largest cinema chain operator Wanda Film said it expects to lose $214 to $228 million (RMB 1.5 to 1.6 billion) in the first half of 2020 thanks to over five months on continual cinema shutdowns in response to the coronavirus pandemic.
The decline represents a stark reversal of fortunes from the $75 million profit the Chinese exhibition giant reported during the same period in 2019. "Operating income dropped by a big margin compared with the same period last year," the company said in a statement, noting its ongoing rent and salary obligations.
Movie theaters across China shut down en masse on Jan. 23, shortly before the weeklong Lunar Near Year holiday, always the country's biggest box office stretch of the year.
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