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(Yicai) Oct. 10 -- Wanda Film Holding’s shares rose after China's biggest cinema chain said it expects earnings to have swung back into the black in the first three quarters thanks to a rebound in moviegoing.
Wanda Film [SHE: 002739] ended 3.2 percent higher at CNY12.52 (USD1.75) a share today, after earlier climbing by as much as 4.7 percent. The Shanghai Composite Index fell 0.7 percent.
Net profit was likely CNY1.1 billion to CNY1.2 billion (USD153.5 million to USD167.4 million) in the nine months ended Sept. 30, versus a net loss of CNY533 million (USD73 million) a year earlier, the Beijing-based company said yesterday. Third-quarter profit was CNY630 million to CNY730 million, up from CNY48 million (USD6.7 million) a year ago.
Wanda Film’s box office takings in China soared 68 percent to CNY6.2 billion in the first three quarters, with the number of moviegoers surging 69 percent to 150 million, the firm said. The figures rose 5.2 percent and 3.7 percent, respectively, from the level of 2019, it added.
Thanks to a hot summer season, takings more than doubled year on year to CNY2.6 billion last quarter, while climbing 21 percent from 2019, the company pointed out. The overall performance was better than the industry average, it added.
Regarding investments, Wanda Film noted that some films it produced and released in the nine-month period were successful, with good overall returns. The film industry continues to recover and will prosper further, the company has said previously.
Wanda Film mainly picks high-quality locations in first- and second-tier cities for its movie theaters to ensure their sustainable and stable profitability, the firm noted. Its market share in these cities has increased to over 15 percent from 13.3 percent in 2019, and its overall market share was 16.5 percent.
Editor: Martin Kadiev