With theaters shuttered for nearly the entire second quarter amid the coronavirus pandemic, Cineplex has posted a revenue collapse and swung to a loss on Friday.
The Canadian exhibition giant for the three months ending June 30 recorded a loss of CAN$98.9 million ($74.2 million), compared to a year-earlier profit of $19.4 million.
Cineplex saw revenues fall 95 percent to CAN$22 million (US$16.6 million), against a year-earlier $438.9 million, as it reopened six theaters on June 15 with reduced capacity and ticket pricing near the end of the second quarter.
The release of the Canadian exhibitor's latest financial results, which details the unfolding impact of the pandemic on its balance sheet, came as Cineplex this weekend begins showing.