(MENAFN- ProactiveInvestors)
() Canada’s largest movie theater chain more than doubled its profit in the first quarter from the same period a year ago.
The Toronto based company posted earnings of C$10.5 million or 17 cents per share compared to C$5.1 million or 8 cents per share in Q1 2014.
Revenues from ticket sales dropped slightly to US$8.90 per customer which was offset by growth in other sectors.
But average spending at concessions increased 2.6% to C$5.18 per customer an unprecedented amount for .
Total revenues for the chain rose 3.5% to C$289.8 million.
There were more 1.5% more movie viewers in theatres during Q1 2015 but the company says it lost some sales due to bad winter weather in some Atlantic regions and fewer 3-D movies which command higher ticket prices compared to last year.
Still "overall it was a successful quarter and looking ahead I believe the film slate for 2015 looks very strong" said ’s CEO Ellis Jacob.
has also benefited from diversification such that it will begin issuing four percent higher dividends starting this June according to Jacob.
The highest grossing movies at over the past quarter were in order of popularity "American Sniper" "Kingsman: The Secret Service" "Fifty Shades of Grey" "Cinderella" and "The Imitation Game."
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.