Black Immigrant Daily News
File photo: CinemaOne closed at One Woodbrook Place, Port of Spain.
The company which runs IMAX and Gemstones cinemas, CinemaONE, on Tuesday credited the movies Avatar The Way of Water and Black Panther Wakanda Forever for a big rebound in their fortunes, in a paid press advert of their financial statements for the last three months of 2022.
The chairman’s report within the statements said, globally, Avatar delivered US$1.5 billion in December and reached the ten top-grossing movies of all time.
“The global box office ended 2022 at US$25.9 billion. While this was 35 per cent below the 2017 pre-covid19 average, it was 27 per cent higher than 2021 and 119 per cent higher than 2020.”
Reflecting locally, chairman Brian Jahra, remarked, “Indeed the back-to-back strong movie titles commencing with Black Panther Wakanda Forever followed by Avatar The Way of Water in December propel CinemaONE to attendance and revenue performances which parallel pre-covid19 periods.”
He compared Q1 of fiscal 2023 to Q1 of fiscal 2022.
“Gross revenue increased by 128 per cent to $4.6 million (compared to $2 million in 2022.)
“Gross profit increased by 123 per cent to $2.6 million (compared to $1.1 million in 2022.” Operating profit rose from $0.004 million ($4,000) to $0.5 million ($500,000), net profitability rose from minus 0.4 million (-$400,000) to $0.03 million ($30,000), with EBITDA rising from 0.7 million to $1.5 million.
Jahra mulled the future outlook. “As the global cinema exhibition recovery continues and patrons return to movie-going, CinemaONE1 FY 2023 performance was strengthened by the blockbuster appeal of major movie titles.
“While Black Panther 2 Wakanda Forever did not exceed the record-breaking attendance of the 2018 first instalment of this inspiring franchise, the November 2022 release emerged as one of the company’s best-performing titles in the pandemic era and ranks as number 12 overall for CinemaONE.”