Canada's Cineplex cuts Q1 loss
Hollywood films boost attendanceTORONTO -- A snowy winter helped Canadian exhibition giant Cineplex Galaxy Income Fund cut its first-quarter loss on stronger Hollywood releases.
As attendance at its multiplexes grew 5.4% to 14.6 million patrons during the three months to March 31, Toronto-based Cineplex Galaxy posted a loss of CAN$658,000 ($651,000), against a loss of CAN$3.8 million in 2007.
The exhibitor, which has a 67% share of the Canadian market, saw revenue rise 6.3% to CAN$190 million ($188 million), against CAN$178.6 million in 2007. Boxoffice revenue jumped 3.5% to CAN$116.8 million ($115.5 million) on the strength of January and February Hollywood releases such as "Juno," "27 Dresses" and "Jumper."
Concession revenue rose 8.4% to CAN$56.7 million ($56 million).
The Cineplex Galaxy Income Fund holds a 76% stake in Cineplex Entertainment, which runs 132 theaters with 1,337 screens nationwide.