Thursday, March 23, 2023

Cineworld Group Declares $208 Million Operating Loss for COVID-Hit First Half of 2021

Regal Cinemas owner Cineworld has recorded an operating loss of $208.9 million in its interim results for the six-month period ended June 30, 2021.

The group’s results for the period include a period of temporary closures from January to April/May 2021 due to COVID-19 restrictions and a limited film slate. The operating losses are vastly lower compared to the same period in 2020 when the group posted a loss of $1.34 billion.

Mooky Greidinger, CEO of Cineworld Group plc, said: “Despite the challenges, the actions we have taken have ensured that Cineworld has emerged a more focused business with significant liquidity and a clear vision for the future. Trading has been encouraging since we started to re-open our sites in April and it has been great to have our teams back, doing what they do best, and welcoming customers back into our cinemas. Cineworld is in the position it is today thanks to the great dedication and commitment of the Cineworld team around the world and I sincerely thank each and every member of the team for their loyalty and contribution. I am confident that the business is in a strong position to execute its strategy and deliver a return to growth as we recover from the pandemic and capitalise on the forthcoming strong film slate alongside clear pent-up consumer demand.”

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