Bac Majectic is to pull out of the exhibition sector anc concentrate exclusively on film distribution.The company said that following finacnial difficulties in its exhibition operations it has taken the decision to progressively withdraw from the sector. The stockmarket-traded group last year sold its collection of parisian screens but held onto its Majestic Cinema multiplexes in the provinces. Now it will sell these too.
Bac posted an increase in turnover for the first nine months of 2002, to Euros68.8m, compared to Euros59.6m for the first three quarters of 2001.
Turnover in the company's film distribution and catalogues division was up 27.1% to Euros 64.7m. However, in exhibition, box office receipts were down 61.7% to Euros 2.3m.
Bac Majestic lost some Euros 13m last year, with the largest part of the losses coming from the Majestic multiplex circuit.P>