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Cineworld pretax loss narrowed after easing of COVID-19 restrictions

Cineworld Group PLC said Friday that its first-half pretax loss narrowed as revenue rose after the easing of remaining Covid-19 restrictions in the first quarter.

The FTSE 250 cinema operator
CINE,
+4.84%

said its pretax loss narrowed to $364.9 million from a loss of $576.4 million a year prior as it booked steadily increasing admission levels and strong average ticket prices and spend per person.

Revenue for the period was $1.52 billion compared with $292.8 million a year earlier.

“While monthly admission levels progressively recovered in the first half of 2022, they remained below both prepandemic levels and the group’s original forecast for 2022,” it said.

Cineworld said third-quarter admissions have been below expectations and the fourth quarter is expected to be stronger, supported by the scheduled release of “Black Adam, Black Panther: Wakanda Forever,” “Avatar: The Way of Water” and other blockbuster films. Admissions in both 2023 and 2024 are expected to remain below prepandemic levels.

Cineworld is currently in the midst of bankruptcy proceedings that have given it access to around $785 million from a $1.94 billion line of credit to support operations.

Write to Kyle Morris at [email protected]

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