Weak Film Business Hits Highlight’s Sales, Profits
Strong Swiss Franc also hits bottom line at media group, which controls Germany’s Constantin Film.
COLOGNE, Germany – A stronger Swiss Franc and weaker box office for films produced by its subsidiary Constantin Film hit year-end results at Highlight Group, which booked sales of $420 million (CHR 383.5 million) down from $483 million (CHF 434.6 million) in 2011. Profits also dipped, with pre-tax results (EBIT) falling nearly a third to $43.5 million (CHF 39.7 million).
Highlight’s film and TV business, saw revenue slip to $320 million and profits hit $18.4 million. Partly this was due to a number of underperforming titles from Constantin, including The Three Musketeers and German kids 3D film Wickie and the Treasure of the Gods.
Constantin got some good news this week, however, when its German rom-com Turkish For Beginners opened at number one at the local box office, taking in close to $4 million.