BUSINESS

Cineplex Profit Drops 39% As Attendance Falls

11/13/2014 07:25 EST | Updated 01/13/2015 05:59 EST
Cineplex Entertainment
TORONTO - Cineplex Inc. had a 39 per cent drop in third-quarter profit following weaker summer attendance compared with last year.

The Toronto-based national theatre chain had $15.9 million or 25 cents per share of net income in the third quarter, down from $26 million or 41 cents a year before.

Its adjusted earnings fell 17 per cent to $48 million from $57.9 million a year earlier.

Attendance was down about 5.1 per cent from an especially strong 2013 third quarter but box office and concession revenue per patron were up.

The company had stable revenue of $299 million, up 0.2 per cent from $298.4 million, including contributions from concessions, additional theatres acquired from Empire and the contribution of its media business.

Also on HuffPost:

12 Must-See Movies At TIFF, 2014