US multiplex cinema chain Cinemark reported net attributable losses of $ 59.6 million (€ 53 million) in the first quarter of 2020, compared to profits of $ 32.7 million (€ 29.1 million) of the same period of the previous year, as reported by the company this Wednesday.
Cinemark has attributed the large change in net income to the impact on its business of the pandemic, as it forced it to close all its theaters to avoid infections during the last two weeks of the quarter.
“As a direct result of the global pandemic of Covid-19, we were forced to close all our cinemas in mid-March, which has had a significant impact on the results of the first quarter and continues to have consequences until today,” said the counselor. company delegate, Marz Zoradi.
“We look forward to welcoming our customers and staff back to our theaters again, and we are delighted to have moved our attention to the domestic reopening, which we plan to do with multiple phases beginning June 19,” added the executive.
The effect of the closing of theaters at the end of the quarter caused the company’s revenues to drop to $ 543.6 million (483.6 million euros), 24% less, while expenses only decreased by 10.8% , up to 586.5 million dollars (521.8 million euros).
Cinemark closed the quarter with 6,145 screens, with the commitment to open another five multiplexes with 48 additional rooms during the remainder of 2020. After this year, Cinemark intends to open 17 additional stores, with another 175 more screens.