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Cinemark Narrows Q3 Fiscal Loss to $78 Million

Moviegoers may be returning to the box office, but the fiscal impact remains a mixed bag.

Cinemark Nov. 5 reported a third-quarter (ended Sept. 30) loss of $78 million on revenue of $435 million. That compares with a loss of $148 million on revenue of $35 million in the previous-year period when most U.S. theaters were shuttered or operating under limited seating capacity due to the pandemic.

Cinemark, along with AMC Theatres and Regal, ranks among the largest exhibitors in the world. It operates 5,872 screens across 42 states and several international markets.

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“We are highly encouraged by sustained positive trends in escalating consumer demand for theatrical moviegoing and growing momentum at the box office,” CEO Mark Zoradi said in a statement.

Zoradi said the chain saw a 61% quarter-over-quarter growth in worldwide attendance, which he said helped decrease the net loss by $64.7 million dollars from the second quarter (ended June 30).

“We expect a continued ramp-up in box office performance over the course of the coming months, and October already delivered the best monthly box office results since the onset of COVID-19,” he said. “As the pandemic further subsides, we remain confident in the future of theatrical moviegoing based on a robust content lineup in the fourth quarter.”

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