Cineworld Results: Exhibition Giant Suffers Massive Half-Year Downturn Due To COVID
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deadline.comAndreas Wiseman International EditorLeading exhibition chain Cineworld, which owns Regal in the U.S., has presented inevitably bleak interim results for the six month period ended 30 June 2020.Group revenue fell to $712.4M from 2019’s $2.1BN and group adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) fell to $53M from 2019’s $758.6M.
Admissions fell from 136M to 47.5M.Cineworld acknowledged the “severe impact” of cinema closures.All sites across the group were closed between mid-March and late June-August due to the pandemic.
Currently, 561 out of 778 sites are re-opened, with 200 theatres in the U.S. (mostly in CA and NY), six in the UK and 11 in Israel still closed.
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