Cineplex's profit rises on higher 3D offerings

Thu Aug 9, 2012 7:37am EDT
 
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(Reuters) - Canadian motion picture exhibitor Cineplex Inc's second-quarter profit rose 56 percent on higher revenue from its premium-priced offerings.

Hollywood's increased three-dimensional (3D) film slate also contributed to the profit, the company said.

The net income rose to C$21 million ($21.1 million), or 34 Canadian cents per share, from C$13.4 million, or 23 Canadian cents per share, a year earlier.

Total revenue at the company, which competes with Empire Co Ltd, climbed 2 percent to C$263.6 million.

Box-office revenue increased 3 percent to C$156.2 million on higher number of UltraAVX, 3D, IMAX and VIP screens. Overall attendance rose 6 percent to C$34.3 million.

Shares of Cineplex, which has a market value of C$1.80 billion, closed at C$29.26 on Wednesday on the Toronto Stock Exchange. ($1 = 0.9950 Canadian dollars)

(Reporting by Krithika Krishnamurthy in Bangalore; Editing by Maju Samuel)