IMAX reverses fortunes in first half, after huge increase in screen numbers
Firm’s growing relationship with Wanda proving crucial to ongoing expansion
IMAX China Holdings, the country’s largest widescreen film provider, delivered a profit of US$17.7 million for the first half, compared with a loss of US$67.9 million for the same period last year.
Revenue increased 25 per cent from the previous period to US$55.1 million, which it attributed to increasing its number of screens by 67 per cent compared with the same period.
The cinematic-technology provider, which now boasts 335 screens across the mainland, Hong Kong and Taiwan with 264 more in the pipeline, also raised its new theatre installation target to 115 from 100 for 2016, buoyed by a slew of new contracts.
The Shanghai-based subsidiary of IMAX Corp — which has its major operations in New York, Toronto and Los Angeles — is now considered very much on the front row of China’s flourishing movie market, which saw total box office surge by over 40 per cent in 2015.
“More signings lead to more installs, which then lead to more box office, and, ultimately, to greater revenue,” said Richard Gelfond, chairman of IMAX China.
“This increase throughout the year is unprecedented at IMAX.”