Kinepolis licks tix wounds

Banks cuts cinema chain's rating on ticket sales

BRUSSELS — International cinema chain Kinepolis sold 5.4 million tickets in the third quarter of 2003, down 15% from 6.19 million for the same period in 2002 but up 8% from 5.02 million during the second quarter of this year.

Belgian bank Degroof cut its investment rating on Kinepolis from “hold” to “reduce” on the news, arguing that the company’s estimate of a 12.6% drop in visitor numbers for the full year was now “very optimistic.”

Of the ticket sales, visitors to Belgium accounted for 2.43 million, down 16% from 2.82 million a year earlier. Company blamed this summer’s hot weather across Europe for the drop, though it was less pronounced in other countries and in some, such as France and Poland, visitor numbers increased.

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: Logo

You are commenting using your 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