China's Bona Film Group Reports 58 Percent Profit Growth in Second Quarter
Bona head Yu Dong hails great progress in its joint project with Tristar and Studio 8, 'Billy Lynn's Long Halftime Walk'
Net revenues at Chinese private film company Bona Film Group rose 58.5 percent year-on-year to $71.1 million in the second quarter of this year, lifted by the group's distribution business and strong box office in the period.
"Our continued revenue growth in the second quarter of 2015 reflects the strength of our unique, vertically integrated business model," said Bona's founder, chairman and CEO Yu Dong in a statement.
"We distributed five films in the second quarter and achieved 58.5 percent year-over-year revenue growth overall, with 72.9 percent year-over-year growth in our film distribution segment, as the film SPL2 had a strong box office performance," Yu said.
Bona's efforts to collaborate with Hollywood were making great progress. In June, Yu announced that the company is to produce 26 films by the end of 2016 with the aim of achieving $1.61 billion in box office.
"I am pleased to report that the film we are developing in partnership with Tristar and Studio 8, Billy Lynn's Long Halftime Walk, successfully completed principal photography in July, has moved into the postproduction phase and is expected to be released in November 2016," Yu said.
Revenues from Bona's movie theater segment increased 50 percent year-over-year, benefitting from the opening of four theaters in the first quarter of 2015, as well as from the ongoing rapid expansion of China's movie industry.
"I am very excited about our film slate for the second half of the year, which includes such highly anticipated productions as Bride Wars, The Treasure, The Dead End, and The Cinema That Never Dies, formerly titled The Phantom of Shanghai," he said.
As of June 30, 2015, Bona owned and operated 30 theaters with 250 screens, including seven DMAX screens and two IMAX screens.