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Cineplex’s Q1 Loss Narrows To $30 Million

Canadian movie theatre chain Cineplex (CGX) has reported a first-quarter loss $30.2 million or $0.48 per share.

The Q1 loss is narrower than a loss of $42.2 million or $0.67 per share recorded a year earlier.

Revenue in the quarter ended March 31 of this year totalled $341 million, up 50% from $228 million in the first three months of 2022 as consumers return to the movies in growing numbers following the Covid-19 pandemic.

Theatre attendance in Q1 totalled 9.8 million, up 46% from 6.7 million in the same quarter of last year.

Box office revenue per person was $12.63 during Q1, up from $12 a year earlier, while concession stand revenue per patron increased to $8.85 from $8.82 a year ago.

Cineplex management said a slate of upcoming summer movies should boost its finances further and help it return to profitability.

This summer will see the release of blockbuster films such as “Barbie,” “Indiana Jones and the Dial of Destiny,” “Spider-Man: Across the Spider-Verse,” and “The Flash.”

Cineplex’s stock has risen 8% so far this year to trade at $8.90 per share.