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AMC beats revenue estimates as people return to theatres

AMC beats revenue estimates as people return to theatres

Closed signs are seen on an AMC Theatre during the outbreak of the coronavirus disease (COVID-19), in New York City, on Apr 29, 2020. (Photo: REUTERS/Brendan McDermid)

NEW YORK: AMC Entertainment Holdings posted a smaller-than-expected fall in fourth-quarter revenue on Wednesday (Mar 10), as more people visited its movie theaters following the easing of coronavirus restrictions in the United States.

The COVID-19 pandemic devastated the film business in 2020, but AMC's efforts to stay afloat by raising new capital coupled with a glimmer of hope from the roll-out of COVID-19 vaccines, signal a recovery in its hard-hit business.

Over the past few months, AMC had reopened many of its theaters and implemented COVID-19 protocols by reducing seating and disinfecting regularly, which encouraged customers to visit cinemas again.

Revenue fell to US$162.5 million in the quarter ended Dec 31, from US$1.45 billion a year earlier. Analysts were expecting revenue of US$142.4 million, according to IBES data from Refinitiv.

Net loss attributable to AMC widened to US$945.8 million, or US$6.21 per share, during the quarter, from US$13.5 million, or 13 cents per share, a year earlier. AMC booked a US$466.1 million non-cash impairment charge during the quarter.

Source: Reuters

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