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.