Theater chain posts record profits
BERLIN — German theater chain Cinemaxx has established a Swiss subsidiary, Maxx Filmpalast AG, to develop and operate multiplex theaters in Switzerland.
The new company is a joint venture with Zurich distrib Focus Film AG. Maxx Filmpalast has received permission to begin construction on its first multiplex in Emmen near Lucerne.
Hamburg-based Cinemaxx (formerly Flebbe), Germany’s second-largest exhib, also reported record first-half results. Profits rose 37% to 131 million marks ($73 million) during the first six months of 1998.
Cinemaxx theaters sold 7.5 million tickets during the first half, an increase of 1.9 million compared with the same period of the previous year.
Cinemaxx currently operates 14 multiplexes with 133 screens, as well as 23 smaller cinemas with 47 screens. Cinemaxx has been listed on the Frankfurt stock exchange since July.