Cineworld reports $500m+ loss as it mulls US listing of Regal
CITYAM says Cineworld Group, the world’s second largest cinema chain, has published half year results revealing the severe financial impact of lockdown restrictions.
Cineworld’s revenue fell by 59 per cent, from $712.4m (£513.8m) in the first half of 2020 to $292.8m in 2021. The Group reported an adjusted EBITDA loss of $21.1m – down 140 per cent from a profit of $53.0m last year with an adjusted loss after tax of $581.8m.
Lockdown restrictions have hit Cineworld hard, forcing the company to close the majority of its 789 sites between January and April 2021. Admissions for the first six months of 2021 totalled 14.1m, a year on year decrease of 70.3 per cent.
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