Cinemark boosts Q2 profit 20%
Exhibitor cites strong admissions, concessionsNEW YORK -- Cinemark Holdings has posted a 20% increase in its second-quarter profit amid strong boxoffice and concessions sale trends.
The Plano, Texas-based movie exhibitor said Friday that it recorded a profit of $18.7 million, compared with $15.5 million in the year-ago period. Revenue rose 13% to $517.5 million.
Admissions revenue jumped 15%, and concessions revenue increased 12%.
"Our strong start to the year accelerated during the second quarter as we benefited from a solid slate of films and outperformed the overall domestic industry boxoffice results," Cinemark CEO Alan Stock said. "In addition, our international attendance growth continues to outpace U.S. attendance growth."
Cinemark operates 424 theaters and 4,889 screens in the U.S. and one Canadian province and has operations in 13 other countries, including Brazil and Mexico.