Patrick Frater Asia Bureau ChiefWanda Film, China’s largest cinema operator, has forecast a return to heavy losses for the first half of 2022.
In a regulatory filing, the company warned of net losses (including non-recurring items) reaching between RMB 580 million – RMB 660 million ($85 million – $97.8 million) for the six months to June.
That compares with a net profit of RMB613 million $90.8 million in the equivalent period last year.The company pointed to the impact of COVID-control measures in China, which it said caused the temporary closure of 415 of its multiplexes and led film distributors to reduce the supply of new movies to cinemas. “Box office in April and May hit multi-year lows,” Wanda reported.
Depressed revenues and rising rental and staff costs were largely responsible for the massive swing in the company’s results.
Read more on variety.com
Celebsbar.com is a large online platform sharing celebrity gossip and latest showbiz news. Exclusive interviews, fresh photos and videos, breaking news, scandals and more is waiting for you here.
Stay tuned to know everything you wish about your favorite stars 24/7.
Check our daily updates and make sure you don't miss anything about celebrities' lives.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.