Cinemark Posts Surprise 2Q Loss As Cost of Operations Double

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By Will Feuer

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Cinemark Holdings Inc. posted a surprise loss despite higher sales as labor costs and other expenses weighed on results.

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The Plano, Texas-based cinema company posted a second-quarter loss of $73.4 million, compared with a loss of $142.4 million a year earlier. The per-share loss was 61 cents, compared with a loss of $1.19 a year earlier. Analysts surveyed by FactSet had been expecting a profit of 21 cents a share.

Revenue rose to $744.1 million from $294.6 million. Analysts had been expecting revenue of $735.4 million, according to FactSet.

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Average ticket prices in the US fell to $9.11 from $9.33 in the year-ago period. US concession revenue per patron for the quarter came to $6.90, compared with $6.59 a year ago. Global attendance surged to 52 million from 19.1 million.

Total cost of operations for the quarter roughly doubled from a year earlier, driven by higher salaries and wages, utilities costs and the cost of film rentals and advertising.

Write to Will Feuer at [email protected]

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Credit: www.marketwatch.com /

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