(Yicai Global) July 19 -- China’s leading movie production companies say their profits soared in the first half of the year, mainly because marketing, distribution, and box office takings returned to normal after Covid-19 restrictions were eased. 

China Film, which produced 20 films that made CNY14.7 billion (USD2.1 billion) in the first half, expects net profit to have skyrocketed by 1,287 percent to 1,783 percent to between CNY280 million and CNY380 million (USD38.9 million and USD52.7 million) in the six months ended June 30 from a year earlier, it said on July 13.

Wanda Cinema Line, a movie theater operator, sees first-half net profit at CNY380 million to CNY420 million, with operating revenue up 35.6 percent to 39.7 percent to CNY6.7 billion to CNY6.9 billion (USD929.8 million to USD957.5 million). It invested in the sci-fi flick The Wandering Earth II, which made the list of China’s top 10 highest-grossing films by earning over CNY4 billion.

More and better-quality films in cinemas drove the industry’s recovery, with record box office takings during the Spring Festival, Labor Day, and Dragon Boat Festival holidays, Wanda Cinema said, adding that the film market is still strong and active.

Box office takings in China jumped nearly 53 percent from a year ago to CNY26.3 billion in the first half, exceeding last year’s total of CNY20.3 billion, according to data from ticket tracker Beacon Pro.

Ticket sales during the summer season that began on June 1 have reached CNY8.8 billion. This year’s summer box office will exceed CNY12 billion, back above CNY10 billion for the first time since 2019, said Chen Jin, a data analyst at Beacon Pro.

Renowned film producer Hengdian World Studios also said it likely turned a year-earlier loss into a CNY105 million to CNY120 million profit in the first half, thanks to upticks in the firm’s screenings and content businesses.

Shanghai Film, China Television Media, and Alpha Group also indicated a return to profit in the period. Beijing Culture and Jinyi Cinemas are likely to have narrowed their losses.

Editor: Futura Costaglione