Cineworld posts $1.5bn loss as its ‘delighted’ at the return of cinema-goers

Cineworld has revealed a blockbuster loss of $1.5bn for the 6 month period ended 30 June as it hailed the return of cinema-goers towards the end of the respective period.

During the period, revenues also fell 67% to $712m and admissions declining by a similar amount to 47.5m.

To deal with the tough times, it also noted that it had raised an additional $361m of liquidity.

Commenting on the results was Mooky Gridinger, CEO of Cineworld who noted that:

“Despite the difficult events of the last few months, we have been delighted by the return of global audiences to our cinemas toward the end of the first half, as well as by the positive customer feedback we have received from those that have waited patiently to see a movie on the big screen again.

The impact of COVID-19 on our business and the wider leisure industry has been substantial, with the closures of all of our cinemas worldwide for an extended period. During this unprecedented time, our priority has been the safety and health of our customers and employees, while at the same time preserving cash and protecting our balance sheet.”

With soaring global COVID-19 cases it appears that this statement was written a few weeks prior to the current landscape. This suggests the return of global audiences will be temporary and its road to recovery is far from being on track.

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