Imax China to Install 100 New Screens in 2016, Bullish on Growth
In an earnings report on Thursday, the company's China subsidiary reported that adjusted profit surged 66.9 percent in 2015.
Imax China, the Hong Kong Stock Exchange-listed subsidiary of the Canadian giant-screen exhibitor, reported a robust year of growth in the booming China market on Thursday.
The company's greater China box office reached $312.4 million, a 53.8 percent increase over net grosses in the territory in 2014. Reflecting the record box office and the company's ongoing screen installations, total revenues surged 41.4 percent to $110.6 million, with adjusted profit growing 66.9 percent year-over-year to reach $43.4 million.
The company said it will continue its expansion in the Chinese market with the installation of 100 new screens in 2016. Last year, Imax installed a record 74 giant screens, bringing its country-wide network total to 307 theaters.
In 2015, Imax exhibited 31 films in China, a record eight of which were local-language Chinese titles. Imax reports that its per screen average in greater China was up 10 percent for the year to $1.34 million. The company indicated that it was pleased with the growing-per-screen average given that it has been aggressively expanding in the market at the same time.
The biggest performing title for the company in 2015 was Furious 7, which earned a record $39 million in Imax box office. Local blockbuster Monster Hunt also set a domestic record, grossing $27 million in the format.
Imax China, listed on the Hong Kong Stock Exchange on Oct. 8, 2015, received $57 million in net proceeds, resulting in a cash balance of $90.7 million as of Dec. 31, 2015.