Cineworld H1 Loss Narrows, Sees Strong Trading In Q4; Stock Up

Shares of Cineworld Group plc (CINE.L) were gaining around 8 percent in the early morning trading in London after the Cinema operator reported Thursday that its first-half loss before tax narrowed to $576.4 million from last year's loss of $1.64 billion.

Loss per share were 37.5 cents, narrower than loss of 115.3 cents a year ago.

Adjusted loss before tax was $658.5 million, compared to $567.7 million a year ago. Adjusted earnings per share were 42.4 cents, compared to loss of 31.8 cents last year.

Adjusted EBITDA was negative $21.1 million, compared to last year's profit of $53.0 million. Adjusted EBITDAaL was negative $103.4 million, compared to last year's negative $113.3 million.

Revenue declined 59 percent to $292.8 million from $712.4 million a year ago.

Admissions fell 70.3 percent to 14.1 million from 47.5 million last year.

Regarding the outlook, the company said Estate is now reopened and majority of capacity restrictions lifted in the US and in the UK since July 21.

The company anticipates strong trading in the fourth quarter supported by a strong film slate and pent-up demand for affordable out-of-home entertainment, subject to COVID-19 situation.

In London, Cineworld shares were trading at 65.89 pence, up 7.56 percent.

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