Cineworld profits soar on blockbusters
BLOCKBUSTER hits like Slumdog Millionaire helped to lift Cineworld ‘s half-year profits by 33 per cent, the group said yesterday.
Cineworld said its pre-tax profits were £11.6m for the 27 week period ending 2 July 2009 compared to £8.7m for the same period the year before. The group said box office receipts were up 24.3 per cent at £111.4m, up from £86.9m for the same period in 2008.
Cineworld, which has 144 3D screens, also said it expects a big boost from a string of 3D releases such as “Toy Story in 3D” and the much-hyped “Avatar” film.
Chief executive Stephen Wiener said: “Going to the cinema is still a good value night out and it’s one of the cheapest forms of entertainment.”
Wiener added that the group would use discounts on mid-week nights to attract more customers.