Cineplex Inc. had $24.4 million of net income in the second quarter, beating analyst profit estimates, as total revenue increased by 12.4 per cent from last year and the company made progress on its cost-reduction efforts.
The Toronto-based cinema and entertainment company says revenue for the three-months ended June 30 was $409 million, a record high for the second quarter.
Attendance was up 5 per cent from last year, increasing box office revenue by 9.7 per cent to $187.2 million, while revenue from food services jumped 14.6 per cent to a record $114 million.
Box office revenue per patron rose 4.4 per cent to $10.82 and concession revenue per patron rose 9.3 per cent to $6.59.
The company’s net income amounted to 38 cents per share, compared with two cents per share or $1.4 million in last year’s second quarter.