Cineplex profits double on higher priced tickets, more concession sales

TORONTO – Canada’s largest movie theatre operator Cineplex Inc. (TSX:CGX) says its profits doubled in the third quarter helped by higher ticket prices and more sales at its concession stands.

The Toronto-based company reported net income rose to $51.7 million, or 83 cents per share in the three month period ended Sept. 30, which included much of the summer movie season.

That’s an increase from $25.7 million, or 44 cents per share, in the same period a year earlier.

Revenues grew 1.7 per cent to $281.4 million from $276.7 million.

Despite the stronger results, attendance was down one per cent at its cinemas to 18.3 million tickets sold.

Cineplex faced a weak summer movie season overall, with only a handful of blockbusters delivering strong results, including “The Dark Knight Rises” and “The Amazing Spider-Man.”

But the company says aside from the Top Five films, the rest of the summer movie lineup underperformed.