Struggling Cineworld says Q3 admissions weak, cash dwindles
2022.09.30 02:47
© Reuters. FILE PHOTO: People walk past a Cineworld in Leicester’s Square, amid the coronavirus disease (COVID-19) outbreak in London, Britain, October 4, 2020. REUTERS/Henry Nicholls//File Photo
(Reuters) – British cinema chain operator Cineworld Group said on Friday admissions in the third quarter were below expectations and would remain below pre-pandemic levels in the next two years, after the company posted a smaller half-yearly loss.
The world’s second-largest movie theatre operator behind AMC Entertainment (NYSE:) filed for U.S. bankruptcy earlier in September to restructure its debt and fix its finances amid low cinema attendance and a lack of blockbuster movies.
Cineworld had $131 million cash at the end of June, compared with $354 million at the end of December.
The company reported a loss before tax of $364.9 million for the six months to June, compared with $576.4 million a year earlier. Net debt stood at $8.81 billion including lease liabilities, compared with $8.9 billion at the end of December.
The release of big-budget movies like “Black Adam”, “Black Panther: Wakanda Forever” and “Avatar: The Way of Water” could boost admissions in the fourth quarter, Cineworld said.
