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Author: Alan LittleDate: 2021-03-26

Cineworld (CINE) -7.59% after losses in 2020 exceed $3bn

Cineworld (CINE) reported a $3.01bn loss for the year to end-December 2020 as revenues cratered due to the closure of its estate during the pandemic.

Cineworld Group (CINE) closed 7.59% down in London on Thursday after the cinema chain reported losses of more than $3bn for last year.

This deficit is a vast decline considering that it posted a $212m profit back in 2019, though it was almost inevitable following the closure of its entire estate due to the global COVID-19 pandemic.

Cineworld’s cinemas have not been open since the start of the respective lockdowns in the US and the UK in early 2020, so it is perhaps no surprise that revenues also cratered from more than $4.3bn to just $852m.

There is a glimmer of hope in the form of reopenings this spring though, with Cineworld set to start trading again in the US on Good Friday (2nd April) and in the UK a month later (17th May).

To prepare for this roadmap, Cineworld said that it had tapped investors for $213m, which will add to the $200m US tax refund that it will have at its disposal.

Cineworld believes that this will be enough to support the company as it tries to get back to some sort of normality this year.

When cinema-goers return next month, they will be able to watch Godzilla vs. Kong after a deal was agreed with Warner Bros. for a limited showing.

A wider release of Mortal Kombat will also follow later in April, though people will have the option of viewing the blockbusters on the Disney+ streaming service when they launch.

Cineworld chief executive Mooky Greidinger said in a statement that he did not expect the closure of its estate to go on for so long.

He added: “Looking forward, Cineworld enters 2021 confident about the next chapter in our development; not least the intention to reopen our cinemas starting April 2.”

Despite the optimism, CINE shares traded lower on Thursday and eventually closed -7.59% at 95p.

Source:

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