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Cineworld Posts Interim 2022 Results, Forecasts Box Office To Remain Below Pre-Pandemic Levels Until 2025

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deadline.com

Ailing exhibition giant Cineworld Group, which is currently finalizing a reorganization plan having filed for Chapter 11 bankruptcy in the U.S.

earlier this month, has released encouraging interim results for the six months to June 30, 2022. Overall revenue rose to $1.5b against $292.8m in the same period in 2021, for a gross profit of $424.5m and an operating profit of $57.3m, against an operating loss of $208.9m in the same period last year.

The company’s debt position worsened, however, standing at $5,2b on June 30, against $5.03b on December 30, 2021. The exhibitor, which operates 747 sites and 9,139 screens in 10 territories worldwide, led by the U.S.

and the U.K., said admissions had started to recover over the period as final Covid-19 restrictions were lifted but warned it did not expect the box office to return to pre-pandemic levels in 2023 and 2024.

Read more on deadline.com
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