Cineplex's third-quarter profit rises to $23.8 million

CP24 reported that Cineplex, a Toronto-based movie theatre chain, earned $23.8 million in the third quarter, up from $1.2 million a year earlier. The profit was driven largely by audiences for Spider-Man: Brand New Day and The Odyssey. Attendance rose to 14.8 million from 12.1 million, and revenue to $440.2 million from $348.9 million.

Box office revenue per patron, the average ticket spend for each person who attends, rose to $14.54 from $13.23. Concession revenue per patron, the same measure for food and drink, rose to $9.99 from $9.65. Together that is $24.53 a patron, against $22.88 a year ago, so more people each paid more.

Bill Walker, a former Landmark Cinemas executive, became chief executive in September, replacing longtime leader Ellis Jacob. Mr Walker pointed to overall box office numbers recently exceeding 2019 levels as a sign the industry has rebounded. Theatres had faced streaming competition and COVID closures, then fewer releases during the Hollywood strikes. He said he is optimistic because he sees big studio releases in every quarter of 2027.

On the day Mr Walker was named, Cineplex announced a review of strategic alternatives that it warned could result in a sale. Mr Walker told analysts that he could not give an update, so it is not yet known whether a sale will follow.

Sources: CP24