(RTTNews) - Motion-picture theaters operator Cineworld Group plc (CINE.L) reported Wednesday, in a trading statement, that total revenues for 26 weeks ending July 1 grew 3.7% from the previous year, despite a dip in people visits to cinemas during the Soccer World Cup season.
The firm noted that performance in the first half is consistent with its expectations as it rode on the success of box office hits, including "Avatar" and "Alice in Wonderland", and also on good box office performances from "Iron Man 2" and "Sex and the City 2".
Cineworld also noted that its box office market share climbed to 24.3% from 23.5% in the past year. Retail revenues declined 3.2%, reflecting a challenging consumer environment. Other income from sources including screen advertising, ticket booking fees and screen hires surged 31.4% year-over-year.
Updating on its earlier announced partnership with Arts Alliance Media to erect new digital projection facilities in the rest of Cineworld's estate in the UK and Ireland, the firm said it expects to install the first set of projectors in the second half of the year. The group plans to complete the rollout within three years, which will enable it to capitalize on the promising line up of 3D films.
The company is looking forward to the releasing of an array of 3D movies in the second half of 2010. The third quarter will open with "Shrek Forever After", "The Twilight Saga: Eclipse" and "Toy Story 3". "Harry Potter: Deathly Hallows 1" and "Chronicles of Narnia: Voyage of the Dawn Treader" is slated to be screened later in the year, Cineworld revealed.
The group said it will report interim results for the six months ended July 01, 2010 on August 19.
CINE.L is currently trading at 200.90 pence, down 0.10 pence or 0.05%, on the London Stock Exchange.
For comments and feedback: contact firstname.lastname@example.org Copyright(c) 2010 RTTNews.com, Inc. All Rights Reserved
updated Jun 29, 2010
Sign up to get our newsletter with money saving tips, travel hacks and more - no spam.
discounts & deals from all banks in one app?
At GET.com we compare credit cards and rate them objectively based on the credit card's features, interest rates and fees.
Cards are rated by our team based primarily on the basis of value for money to the cardholder. The GET.com team rates each card based on its annual fee, rewards, benefits, bonus, introductory APR, ongoing APR, flexibility (in how its benefits can be used and how rewards are earned and redeemed), and other card features.