Cineplex reports $98.9-million Q2 loss with movie theatres closed

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TORONTO — Cineplex Inc. reported a loss of $98.9 million in its latest quarter as its movie theatres were closed due to the COVID-19 pandemic.

The company says the loss amounted to $1.56 per share for the quarter ended June 30 compared with a profit of $19.4 million or 31 cents per share in the same quarter last year.

Revenue totalled $22.0 million, down from $438.9 million.

Cineplex temporarily closed all of its theatres and other entertainment venues March 16 as public health authorities started to put restrictions in place to slow the spread of the novel coronavirus.

The company started to reopen its theatres just before the end of the quarter.

Cineplex has also had to deal with the fallout from Cineworld Group PLC’s decision to walk away from a deal to buy the company on June 12. It has filed a lawsuit against its former suitor over the failed deal.

Companies in this story: (TSX:CGZ)