3D Helps Germany's CinemaxX to Record Profits
Earnings at German multiplex operator jump 150%.
COLOGNE, Germany - 3D has opened a new dimension in profits for German multiplex operator CinemaxX, which Thursday reported record earnings last year thanks to ticket surcharges on 3D screenings.
Revenue jumped 4.7 percent to $288 million (€204.6 million) and pre-tax profits, at $25 million (€17.6 million) were 151 percent above 2009 figures.
The boost was almost entirely due to 3D. CinemaxX sold fewer tickets last year - admissions at its theaters dropped 7.7 percent in part due to the soccer World Cup drawing audiences away. But pricey 3D tickets allowed the group to boost per-customer earnings by 9.5 percent.
For the coming year, without any soccer competition, CinemaxX expects admissions, revenue and profits to rise. CinemaxX is controlled by Herbert Kloiber's Tele-Munchen Group.