CinemaONE reports loss of $7.4m

DESPITE earning a gross revenue of $20 million and a gross profit of $12.4 million the CinemaONE Group has reported a net loss of $7.4 million for the financial year ending September 2024.

A financial report published on the Trinidad and Tobago Stock Exchange said the effects of the covid19 pandemic and the concurrent Writers Guild Association and Screen Actors Guild Association strikes of 2023 placed the global cinema exhibition industry in a regression.

These circumstances resulted in content production delays, fewer movie releases and a reduction in film content supply directly correlated with a global decline in audience turnout.

Given the reduced film supply volume, the revenue and gross profits could not offset the higher operating costs of managing the three cineplex sites in One Woodbrook Place, Port of Spain, Gulf City Mall, San Fernando and Price Plaza, Chaguanas.

Despite the challenges the CinemaONE Group maintained positive EBITDA (earnings before interest, taxes, depreciation and amortisation) of $5.3 million.

The report went on to say the CinemaONE brand is capturing a greater share of consumer demand with admissions growth increasing by 44 per cent to a combined total of over 184,000 patrons at all three sites.

This, coupled with the re-operationalisation of Hollywood’s production and distribution capacity for 2025 and 2026 has triggered the CinemaONE Group‘s positive short and medium term outlook.

The report said, “ At the onset of financial year 2025, the industry has already experienced a resurgence in film volume and box office receipts. We are encouraged by the preliminary results from quarter one 2025 demonstrating that group attendance is up over 20 per cent above the prior year quarter one given the increase in film supply volume.”

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