IMAX China Issues Profit Warning: Losses Up To $36M Expected Due To COVID Shutdown
deadline.comTom Grater International Film ReporterIMAX China has issued a profit warning to the Hong Kong stock exchange with the company having taken a beating from the COVID-19 shutdown this year.The large-format exhibitor said it was forecasting a net loss of $34M-36M for the six months to Jun 30, 2020, in contrast with a net profit of $24M for the same period in 2019.The contributing factors will be no surprise to anyone – the operator was forced to shutdown all of its 700 IMAX theaters in China from January 24, as well as a decrease in new theatre system installations duing the period.The company also noted it had a $18M non-recurring, non-cash deferred income tax charge for withholding tax, a decision made to allow “more flexibility in allocation.
Read more on deadline.com
