GC net profit drops 49%

Numbers continue downward trend

General Cinema’s parent GC Cos. Inc. suffered a 49% drop in net profit to $2 million for the three months to July 31 on 6.5% lower revenue of $114.6 million, it said Thursday.

GC gave no explanation for the downturn, but it was at least partly due to the theater operations. The company said its General Cinema Theaters’ operating profit, before interest and taxes, fell 19% to $5.2 million in the quarter.

For the first nine months of the fiscal year, the theater subsidiary’s operating profit has collapsed from $20 million to $6.8 million.

Overall net profit for GC have dropped from $11 million to $1.1 million for the fiscal year to date. GC stock rose 12 cents to $47.25 Thursday.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading