Ja­maicans spend­ing a lit­tle less at cin­e­mas

Jamaica Gleaner - - BUSINESS - Steven.jack­son@glean­erjm.com

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.

RU­DOLPH BROWN/ PHO­TOG­RA­PHER

Newspapers in English

Newspapers from Jamaica

© PressReader. All rights reserved.