Half-Year Revenue Slips, Profits Fall At Germany's CinemaxX
Attendance figures remain stable but fewer 3D blockbusters hurt bottom line at the German exhibitor.
COLOGNE, Germany – Fewer 3D blockbusters in the first half of 2012 hit the bottom line of German exhibitor CinemaxX, which saw revenue slip slightly and net profits cut nearly in half in the first six months of this year compared with the same period in 2011.
While attendance figures held steady at around 7.4 million tickets sold, 3D titles, which demand a price premium, made up a much smaller portion of the box office in Germany. CinemaxX was also hit by the European Soccer Championships in June, which emptied cinemas across the country as viewers instead tuned into sports on TV.
Overall, sales at CinemaxX slipped slightly to $114 million (€92.9 million) while operating profits fell to $11.7 million (€9.5 million) from €18.1 million a year earlier.
The number one film in Germany in the first half of this year was the French comedy Intouchables, which easily beat out 3D contenders for the top slot, earning around $75 million in release here.
CinemaxX, however, is optimistic about the rest of 2012, pointing to strong recent releases, including The Dark Knight Rises and Ice Age: Continental Drift, and said it expects to hit its full-year forecasts.
U.K. exhibitor VUE recently signed a $180 million deal to buy a majority stake in CinemaxX from Herbert Kloiber's Tele-Munchen Group.