May 12, 2011 / 11:51 AM / 7 years ago

Cineplex posts loss as box-office attendance falls

(Reuters) - Canada’s Cineplex Galaxy Inc, owner of movie exhibitor Cineplex Entertainment LP, posted a first-quarter loss as both box-office attendance and revenue per patron slipped.

Box-office revenue declined about 18 percent to C$129,956, while attendance fell about 15 percent to 15.3 million.

Revenue per patron declined about 4 percent to C$8.51.

Cineplex said the current quarter was affected by the absence of a major grosser.

Its top grossing film “The King’s Speech” contributed to just 7 of percent box office revenue, compared with the a 25.8 percent contribution from “Avatar” last year.

The company also said its quarterly results were hurt by a one-time deferred tax charge of approximately $6 million related to Cineplex’s conversion to a corporation in January.

The Toronto-based company’s shares closed at C$25.24 on Wednesday on the Toronto Stock Exchange. They have lost about 11 percent of their value since reporting fourth-quarter results in February.

Reporting by Amruta Sabnis in Bangalore; Editing by Roshni Menon

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