Wanda's Film Unit Revenue Rises 43 Percent in First Half
The Chinese conglomorate reported an overall rise in revenue of 10.6 percent for the first half of 2016.
Chinese conglomerate Dalian Wanda Group on Tuesday reported a 10.6 percent increase in revenue for the first half of 2016.
Total revenues hit RMB119.93 billion ($18 billion) in the first six months of the year, the group said in a partial earnings report, which didn't include profit figures.
Wanda Cultural Industry Group, which includes Wanda's film, sports, tourism and children's entertainment units, saw revenue jump 57.1 percent to $4.4 billion in the first half.
Investments in the lifestyle industries have been a growing focus for Wanda as the company tries to offset a cooling in the Chinese commercial real estate sector, its original core business. In January, Wanda acquired Thomas Tull's Legendary Entertainment for $3.5 billion. Last year, the conglomerate bought Swiss sports marketing company Infront Sports & Media, Australian cinema chain Hoyts and the company behind the Ironman Triathlon races. Wanda first put its brand on the global map in 2012, buying a controlling stake in AMC Entertainment, North America's second-largest cinema chain, for $2.2 billion.
Wanda Film Holdings — the company's business unit containing its movie theater circuit (China's largest), AMC Entertainment, Legendary Entertainment, Wuzhou Film Distribution and Qingdao Oriental Movie Metropolis, a $10 billion-plus film studio and real estate development under construction in eastern China — reported revenue of $2.9 billion for the first half, up 43.1 percent.
Financials for Legendary alone were not disclosed, but the U.S. studio's first release since the Wanda acquisition, Warcraft, grossed $220 million at the Chinese box office in June, the third-biggest local total of the year to date.
In a filing to Chinese regulators in May, Wanda made public that Legendary lost over half a billion dollars in 2015.