Cinemark Profit Falls 52% In 4Q

Cinemark Holdings saw its profit fall 52% during the fourth quarter even though revenue grew, as higher costs washed out an 8.5% gain in concessions sales. The Texas-based exhibitor — which operates 456 theatres with 5,152 screens in 39 U.S. states, Brazil, Mexico and 11 other Latin American countries — reported income of $18.3 million, or 16 cents a share, less than the 19 cents analysts expected. Operational costs rose to $474.4 million, up from $457.3 million, and the quarter included a loss on marketable securities and an early retirement of debt. Revenue was up 2.1% to $535.9 million. Admissions revenue fell 1.4% overall despite an 8.4% revenue hike at the company’s Latin American venues, while overall attendance at the chain grew 2.3%. Cinemark said it plans to open 11 theaters and 117 screens this year.

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