Although CinemaONE owners of the IMAX, 4DX and Gemstone franchises had a poor showing during the 2021 fiscal year ended September 30, with close to $7 million in losses as a result of closures and restriction put on businesses, it was able to narrow its losses in the first quarter of financial year 2022 ending in December 2021, thanks to a friendly neighbourhood Spider-Man.
But the wall-crawler still could not save the franchise from falling into the red as operating expenses whittled its gross profits down to an operating profit of a mere $4,118 in the first quarter of the year ending on December 30 2021. After interest expenses and taxes the franchise holder posted $96,469 in losses as compared to $1.06 million in losses for the same period the year before.
According to its unaudited financial statements from CinemaONE, released on Monday, the blockbuster movie was pivotal in increasing its gross revenue by 220 per cent, to $2.01 million, from $630, 519 for the same period in 2020. The franchise's gross profit also took a swing upward, to $1.16 million from $489,972 for the same period the year before.
Chairman Brian Jahra said the turnout for the Spider-Man movie was a good sign that the slate of blockbuster releases in 2022 would be able to bring a turnaround despite remaining covid19 operational constraints which come with safe zones, such as prohibition of children under 12 and a 50 per cent capacity.
'CinemaONE remains optimistic that the international signs of waning global covid19 restrictions coupled with confirmed major movie releases such as the upcoming Warner Brothers' Batman and Disney / Marvel's Doctor Strange will further energizs moviegoers.
"CinemaONE is poised to increasingly participate in the hastening of the global entertainment industry's recovery,' Jahra said.
In its audited financial statements for the 2020-2021 financial year ending in September last year CinemaONE garnered $960,788 in gross profit which was reduced to a loss of $6.99 million after expenses and taxes.
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