CinemaOne records $1.4m loss

Local cinema chain CinemaOne experienced another loss, this time in the sum of $1.4 million, according to its unaudited financial statement, published on the TT Stock Exchange on August 15.

CinemaOne said although the group recorded a net loss, it is encouraged by the resurgence of the movie landscape, which began with the release of Sony’s Bad Boys Ride or Die and continued with Marvel / Disney’s DeadPool and Wolverine.

The group said the "robust return" of vacation moviegoing and recent rebound in movie content would allow the group to deliver "low double-digit top-line growth to close out the financial year."

CineOne's chairman Brian Jahra, in his report, outlined the reasons for the net loss.

"It was due to a $1 million increase in total depreciation from $3.3 million in 2023 to $4.3 million.

"This 31 per cent increase in depreciation was triggered by the takeover of the CineCentral theatre facilities in Price Plaza, Chaguanas.

"For the same reason, interest costs related to theatre expansion similarly increased finance costs by $1 million or 54 per cent," Jahra said.

CineOne reported $14.5 million in gross revenue – an increase of 11 per cent as compared to last year's $13 million.

Gross profit also increased by 17 per cent from $7.8 million in 2023 to $9.1 million.

Some movies the group anticipates will do well in the upcoming quarter are Moana 2, Transformers One, Venom the Last Dance, Joker Folie a Deux!, Gladiator II and Wicked.