Cineworld H1 Revenues Up 3.7% – Update

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(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.

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