Jamaicans spending a little less at cinemas
JAMAICANS SPENT $753 million at the cinemas on box office and snacks over the past year to June 2016, which was two per cent less than the year before, according to disclosures on cinema sales by Palace Amusement Company.
Box office tickets accounted for $524 million with an additional $229 million spent on drinks and snacks at Palace’s movie houses.
The biggest movies of the financial year included The Avengers, Jurassic World, X-Men: Apocalypse and Captain America.
Carib continued to account for the biggest ticket sales at $279.2 million, Palace Multiplex followed with $149 million, and Palace Cineplex $96 million. Confectionary ales were split $129.1 million at Carib, $58 million at Palace Multiplex, and $42 million at Cineplex.
NET PROFIT DIPPED
The cinema company declined to comment on its financial report.
Overall, Palace’s net profit dipped to $16 million on total revenues of $909 million for the year ending June, or 49 per cent less net profit year on year. The decline was due to increased administrative expenses which grew by $10 million to $168 million.
At its annual general meeting a year ago, Palace’s management said it would avoid re-entering Mandeville, but expressed a desire to expand in Kingston, a plan that has been germinating for several years.
The company closed the loss-making Odeon cinema in Mandeville two years ago, citing widespread movie piracy as hurting cinema ticket sales. The Mandeville operation lost $8 million to $10 million annually, management said at the last annual meeting.