CinemaOne records losses

Local cinema chain CinemaOne experienced another year of decline, recording over $600,000 in losses for the financial year ending September 2023.

In its consolidated financial statement, published on the TT Stock Exchange website, CinemaOne reported $17,019,626 in revenue for the year.

Expenses whittled down the revenue to an operating profit of $1,877,131.

Finance costs brought the company down into the red, bringing its loss before tax to $843,829. Taxation credit reduced the losses to $688,303.

Despite the loss, it was a vast improvement in the company’s financial performance compared to the year before. For the same period in 2022, CinemaOne saw a $1.4 million loss.

It earned $9.7 million for the year, from which $4 million was lost in the cost of sales.

Other expenses amounted to $5.6 million, bringing the company down to an operating loss of $19,126. Further finance costs and taxation credits brought the company’s loss to $1,420,596.