Cineplex (TSX:CGX) has reported better-than-expected third-quarter earnings as attendance at its movie theatres has increased 430% from a year earlier at the depths of the global pandemic.
Cineplex has spent much of this year focused on returning its theatres to full operation as COVID-19 restrictions ease and more blockbuster films open on the big screen.
Overall attendance during the July through September period rose by 430% to 8.3 million patrons compared to attendance of just 1.6 million people a year earlier.
That improved attendance figure helped Cineplex report a narrower loss for the third quarter. The company’s financial loss in the three months that ended September 30 totaled $33.6 million. The company said that amounted to a loss of $0.53 per diluted share, an improvement from a loss of $121.2 million or $1.91 per share a year ago.
Cineplex’s overall revenue totaled $250.4 million, up from $61 million a year ago, as ticket holders dished out more money for a premium moviegoing experience.
Box-office revenues per person jumped 22% to $11.4 million, fueled partly by people buying higher-priced tickets for giant Imax screens, UltraAVX large-format showings and VIP cinemas.
Concession revenues reached an all-time high, rising more than 16% to $8.58 per person, due to modest price increases and a slate of films that drew visitors more likely to visit food stands.