The Central and Eastern European cinema operator reports 18% revenue increase for 2009, announces plans for 100 new screens over 2010.
Cinema City International, the largest cinema operator in Central and Eastern Europe, earned $291.3m (€211.6m) in 2009, an 18.2% increase compared to 2008, while net profit rose 38.3% year-on-year to $33.6m (€24.4m).
Cinema City, which currently has 668 screens and 150 digital projectors in 69 theaters in Bulgaria, the Czech Republic, Hungary, Israel, Poland and Romania, sold 27.5 million tickets in 2009, nearly a quarter more than in 2007, and opened 105 new screens across nine sites.
Poland was the company’s biggest earner last year, accounting for nearly half of all revenue. The company also saw significant growth in Bulgaria and Romania.
“Our theatre operations results continue to be enhanced by very well received international and local films, part of them in the popular 3D format,” said Cinema City CEO Moshe Greidinger, adding that more than 20% of the company’s were equipped with digital projectors.
The company plans to open roughly another 100 screens over the next year over the next year as well as discontinuing its DVD distribution in Central and Eastern Europe. It also plans to sell its real-estate in Bulgaria for approximately $117m (€85m).