Aug 11 (Reuters) - Canada’s Cineplex Inc CGX.TO reported a 40 percent drop in second-quarter profit, hurt by one-time charges and higher income tax expense.
Net income fell to C$13.4 million, from C$22.2 million, a year ago. Total revenue for the company, which has about 67 percent market share of Canadian box office revenue, rose 7 percent to C$258.4 million.
Cineplex’s closest competitor in Canada is Empire Theatres, part of Empire Co Ltd EMPa.TO, which has around 13 percent market share.
The company’s box-office revenue rose 5 percent to C$151.1 million in the quarter, due mainly to the success of Pirates of the Caribbean:On Stranger Tides, The Hangover 2 and Fast Five. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Viraj Nair)