Cineplex reports $103.7M loss despite rise in revenue as theatres reopened in Q2

Cineplex Inc. lost $103.7 million in its second quarter as it was able to open more theatres as provinces began to reduce mandatory closures and ease capacity restrictions.

CEO Ellis Jacob says that as of July 17 all of the company’s theatres and entertainment venues were open.

The movie theatre company says the loss amounted to $1.64 per diluted share for the quarter ended June 30 compared with a loss of $98.9 million or $1.56 per diluted share a year ago.

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Revenue was $64.9 million, up from $22 million in the same quarter last year.

The overall increase came as box office revenue totalled $12.5 million in the quarter compared with a nominal amount a year ago when the company had just six theatres open in Alberta in June 2020. Food service revenue climbed to nearly $13.3 million, up from nearly $3.3 million a year ago.

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Meanwhile, media revenue rose to $9.4 million compared with $8.1 million in the same quarter last year, while amusement revenue increased to $22.2 million, up from $3.7 million. Other revenue increased to $7.6 million from $7.1 million a year ago.

© 2021 The Canadian Press

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