{"id":74420,"date":"2020-09-24T18:06:07","date_gmt":"2020-09-24T15:06:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cineworld-group-suffers-massive-first-half-hit-due-to-covid-19\/"},"modified":"2020-09-24T18:06:07","modified_gmt":"2020-09-24T15:06:07","slug":"cineworld-group-suffers-massive-first-half-hit-due-to-covid-19","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cineworld-group-suffers-massive-first-half-hit-due-to-covid-19\/","title":{"rendered":"#Cineworld Group suffers massive first-half hit due to COVID-19"},"content":{"rendered":"

“#Cineworld Group suffers massive first-half hit due to COVID-19<\/strong>”
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\n Movie theater giant and Regal owner Cineworld Group said it swung to a loss for the first half of the year as revenue plummeted amid the coronavirus pandemic, which led to global cinema closures.<\/p>\n

The UK-based theater chain also warned that there was \u201cno certainty\u201d about the impact of the pandemic in the future, sending shares down over 11 percent in early-morning trading Thursday.<\/p>\n

During the six month period ended June 30, the company registered pre-tax loss of $1.64 billion compared with a year-ago profit of $139.7 million. Adjusted earnings totaled $53 million versus $758.6 million, a year earlier.<\/p>\n

Revenue fell 66.9 percent to $712.4 million from $2.15 a year earlier. During the six months, movies<\/a> like \u201cBad Boys for Life,\u201d starring Will Smith, \u201c1917\u201d directed by Sam Mendes and action-adventure, flick \u201cSonic the Hedgehog\u201d were top performers, grossing $504.1 million for the chain.<\/p>\n

Cineworld, which closed all 778 of its theaters between mid-March and late June due to the coronavirus, has reopened 561 sites and has seen positive moment as audiences have slowly returned.<\/p>\n

Chief executive Mooky Greidinger called out \u201cTenet,\u201d Christopher Nolan\u2019s spy thriller, as driving the company\u2019s \u201csteady performance\u201d even as 200 theaters in the US remain closed.<\/p>\n

The CEO noted that 60 percent of Cineworld\u2019s California movie houses will be open, and that he expects New York to follow suit \u201cwithin a week or two,\u201d despite the fact that New York Gov. Andrew Cuomo has remained tight-lipped on his plans.<\/p>\n

Nonetheless, Greidinger remained cautious as the pandemic continues to rage in the US and is reemerging in Europe in a second wave.<\/p>\n

\u201cThere can be no certainty as to the future impact of COVID-19 on the group,\u201d he said. \u201cIf Governments were to strengthen restrictions on social<\/a> gathering, which may therefore oblige us to close our estate again or further push back movie releases, it would have a negative impact on our financial performance and likely require the need to raise additional liquidity.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Cineworld Group suffers massive first-half hit due to COVID-19” Movie theater giant and Regal owner Cineworld Group said it swung to a loss for the first half of the year as revenue plummeted amid the coronavirus pandemic, which led to global cinema closures. The UK-based theater chain also warned that there was \u201cno certainty\u201d about…<\/p>\n","protected":false},"author":1,"featured_media":74421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/09\/regal-first-half-loss.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[72409,1545,70237,4979,1361,72535],"class_list":["post-74420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-9-24-20","tag-coronavirus","tag-corporate-earnings","tag-movie-theaters","tag-movies","tag-regal-entertainment"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/74420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=74420"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/74420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/74421"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=74420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=74420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=74420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}