Connect with us

Entertainment

China’s Wanda Film warn a loss

Published

on

China’s Wanda Film warn a loss

China’s largest cinema chain operator Wanda Film (002739.SZ) said on Tuesday it expects to report a net loss of 1.5 to 1.6 billion Yuan (214 to 228 million dollars) in the first half of this year, after the coronavirus kept its cinemas shut for almost the entire period.


In comparison, the company reported a net profit of 524 million Yuan (75 million dollars) in the same period last year.

China asked cinemas across the country to shut down in late January to curb the spread of the novel coronavirus.

While the pandemic is seen to be mostly under control in China they have remained shut, for much longer than many people had expected.

“All the more than 600 cinemas of Wanda Film in China have been closed since Jan. 23, and the ones overseas also suspended business after the end of March,” Wanda Film said in the statement.

Detective Chinatown 3, a film whose top investor is Wanda Film, was originally scheduled to be shown in cinemas in January during the Lunar New Year.

However it has yet to be released due to the shutdowns.

Meanwhile, the production of some of its other films has also been delayed.

“Operating income dropped by a big margin compared with the same period last year,” the company said, blaming fixed costs such as salaries and rent.

China is the second-largest film market in the world, after the United States.

China’s box office took in a record 64.3 billion Yuan in 2019, up 5.4 per cent on the year.

Edited By: Emmanuel Okara/Silas Nwoha (NAN)

Emmanuel Okara: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

United States agency warns against toxic hand sanitisers Andreescu will not defend United States Open title Serena beats Venus to reach Lexington quarter-finals Gov. Umahi rejects Ebonyi’s transfer to Police Zone 13 Division UN Chief welcomes Israel, UAE peace agreement Caretaker committee promises better times for Anambra football stakeholders, unveils new FA secretariat NAPHER-SD identifies loopholes in sports industry policy draft, calls for review COVID-19: PTF working with partners to implement comprehensive response to virus How I survived COVID-19 — Foreign Affairs Minister Leipzig stun Atletico Madrid to reach Champions League last four Workshop identifies harmful impacts of Global Gag Rule on developing nations Okei-Odumakin mourns former US Ambassador, Walter Carrington Nollywood: Censors Board, stakeholders hold roundtable on policy for release of films Not the right time for me to return to Barca as coach, Xavi says Anambra monarchs protest suspension, say “nothing warrants it” Edo Election: Ize-Iyamu promises to harness solid minerals in Akoko-Edo COVID-19: Commission refunds 2020 Hajj intending pilgrims in Adamawa Edo 2020: Crowds at rallies thrill Shaibu Board decries increase in maternal, newborn mortality in Plateau FG will prosecute destroyers of Akanu Ibiam Int’l Airport fence – Minister   IPAC dissolves interim committee, fixes  Sept. 5 for election NiMet predicts cloudy, thundery activities Friday to Sunday Nigeria’s low COVID-19 cases due to low sample collection — NCDC Members pass vote of confidence in ALGON president, Kolade Alabi Osinbajo advocates purpose-built software for virtual court proceedings Oyo govt. to spend N5.5bn to remodel Salami Stadium Resurgence of COVID-19 on health workers worrisome — Minister NGO empowers 40 rehabilitated youths in Kwara LASG gives cash donation to victims of rainstorm in Badagry Left Handers Day: We are blessed, intelligent – Jos left handers Monarchs laud Buhari’s developmental efforts in South East UNnilag VC position not vacant – workers unions 684 evacuees test positive to COVID-19 — PTF FG begins reform of Calabar, Kano special economic zones PenCom mulls contributors RSA transfer window -Official Lagos Police College, LASCODA partner to promote coconut development MTN Nigeria lifts NSE market indices further by 0.38% Christian group urges FG to end banditry, kidnapping, others CAN announces intercessory prayer session over insecurity in Nigeria Banditry in Katsina will soon fizzle out – Sen. Barkiya TETFUND could perform well with available resources – Minister Gov. Diri urges Agip to relocate to Bayelsa Abia needs competent leaders, not zoning — Otti ActionAid Nigeria urges small-holder women farmers on NAIC facilities UK, Nigeria partner on regulatory reforms on right of way 38,000 vulnerable households to benefit from CACOVID relief items in Zamfara    FG inaugurates team on digital innovation for improved service delivery  Be transformational leaders, President, Nigeria Baptist Convention charges new board members Senate committees begins scrutiny, consideration of 2021-2023 MTEF, FSP document How to further boost Nigeria’s GDP — Onu