Wanda Cinema first-half profits up 28 percent
(Beijing) – China's biggest movie theater operator, Wanda Cinema Line Co., reported a first-half revenue growth of 64 percent, but nearly a third of the earnings came from businesses not linked to ticket sales.
Net income grew 28 percent to over 800 million yuan (US$ 119.82 million) compared with the previous year, the company said on Aug. 29. Its box-office sales in the first six months rose 41 percent year-on-year to nearly 4 billion yuan, outpacing the 21 percent average growth nationwide.
But nonticket sales reached 1.8 billion yuan, or nearly one-third of Wanda Cinema's total first-half revenue of 5.7 billion yuan, a signal that the company was diversifying its revenue streams. Recently, Wanda Cinema acquired Hollywood–based entertainment marketing agency Propaganda GEM, Chinese gaming distribution company Hoolai Games and movie information website Mtime.
Wanda Cinema is the biggest entertainment asset under Chinese billionaire Wang Jianlin's Dalian Wanda Group. The group also recently bought Legendary Entertainment, the U.S.-based producer of "Warcraft" and "Godzilla"; and Odeon & UCI Cinemas Group, one of Europe's largest cinema chains.
By the end of June, Wanda Cinema was operating 320 movie theaters in China with nearly 2,800 screens. Wanda Cinema, listed in Shenzhen, closed 0.34 percent higher at 73.2 yuan on Aug. 29.
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