China’s Dalian Wanda Group said on Thursday that operating income for its film arm had increased 16% for the first half of 2017. Wanda Film, which includes all of the company’s film-related business as well as its Chinese exhibition strand, saw an operating profit of 6.65 billion yuan ($980.1 million) from January to June of this year.
In a brief earnings report on the Shenzhen Stock Exchange, Wanda Group, which is led by Chinese billionaire Wang Jianlin, said that overall revenue had been boosted by 12% to 134.85 billion yuan ($19.8 billion) for the first-half of the year, driven by revenue from its financial businesses which were up 46.8% year-on-year. The property developer, which has been investing heavily in the entertainment, leisure and financial sectors, revealed that figure exceeded internal targets.
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Wanda’s Cultural Industry Group, which includes Wanda Film, themed entertainment, sports and tourism, saw an uptick of 46.8% for the first half of 2017. At the beginning of the year, Wang said that Wanda would report only operating revenue rather than contract revenue as it had done in the past. Operating revenue was up 3.4% in 2016.
Wanda has been hugely acquisitive in the global entertainment business across the last few years having acquired major U.S. cinema chain AMC as well as taking a controlling stake in Legendary Entertainment last year. Earlier this week, Wanda Film shares were suspended on the Shenzhen Stock Exchange due to “plans to acquire film-related assets.”
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