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.