pandemic reports 2020

Cineworld Reports First Annual Loss, Raises More Cash

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deadline.com

Cineworld Group today reported its first-ever annual operating loss with the figure dropping over $2.98B in 2020 as compared to 2019.

The previous year had seen profits of $724.7M while the period ended December 31, 2020 was at a negative $2,257.7M. The results were severely impacted by the Covid pandemic which forced the group to shutter its cinemas beginning in March 2020 with intermittent reopenings until all venues were closed again in October and November and remain so today.

Revenues for the year were $852.3M versus $4.37B in 2019.On the positive side Cineworld said it had a binding commitment from a group of institutional investors for a new $213M convertible bond due 2025.

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