DESPITE posting losses for the first half of the financial year CinemaONE, owners of Imax, Gemstone and 4DX showed positive growth, giving the brand confidence that it will return to profitability as the industry steadily returns to pre-pandemic levels.
CinemaONE posted a loss of $337,015 for the first five months and 20 days, ending March 31, 2022, as compared to a loss of $1.9 million for the same period ending March 31, 2021.
Gross revenue increased by 137 per cent to $4,048,818 for this financial year, up from $1,711,250 for the previous year.
However operating expenses, the cost of sales and interest expenses reduced its revenue to a negative position.
Chairman Brian Jahra said the continued recovery of the sector globally bode well for the future revenues for the local industry, as blockbusters like Spiderman: No Way Home and Warner Brothers’ The Batman brought global box office revenues for the calendar year ending in March to US$ 6.6 billion.
“The global and local trends of content recovery and broadening audience participation signal the steady momentum of the cinema exhibition industry’s rebound.”
For the financial year ending September 30, 2021, CinemaONE incurred a loss of $6.9 million, owing to the lockdowns, closures and restrictions coming out of covid19.