Wanda's Film Unit Revenue Rises 43 Percent in First Half

Wang Jianlin - Getty - H 2016
Getty Images

Wang Jianlin - Getty - H 2016

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