The cinema chain AMC (Cinesa) loses 1,915 million in the first quarter due to the closing of theaters

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He hopes to complete the opening of all his rooms around the world in July

The group AMC Entertainment Holdings, owner of Cinesa and whose reference shareholder is the Chinese Dalian Wanda, registered losses of 2,176.3 million dollars (1,915 million euros) in the first quarter of 2020, compared to the negative result of 130.2 million dollars (114 million euros) accounted for in the same period of the previous year as a consequence of the impact of the Covid-19 pandemic and the containment measures implemented, which led to the closure of the cinematographic exhibition rooms.

The company’s accounts between January and March reflect an adverse impact in the amount of 1,851.9 million dollars (1,629 million euros) due to the deterioration in the value of assets and goodwill.

The income of a multinational in the first quarter of the year registered a fall of 21.6%, to 941.5 million dollars (828 million euros), after which, after a strong start to the year, with a turnover until February 10% higher than the same period in 2019, and the closure of rooms and the social distancing measures implemented in several countries caused that “there was virtually no income in the last two weeks of the quarter.”

Thus, AMC’s income from ticket sales in the first three months of 2020 totaled 568 million dollars (500 million euros), 22.3% below the figure for the first quarter of 2019, while the turnover for the sale of food and drink reached 288.1 million dollars (253 million euros), 21.9% less.

“This is truly an unprecedented time,” said Adam Aron, CEO and President of AMC, who expressed confidence that the company is taking the necessary steps to ensure its future success.

In this sense, the multinational indicated that, after the opening of ten rooms in Norway, Germany, Spain and Portugal, it plans to complete the opening of all venues in July.

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