SEOUL — Korea’s biggest multiplex chain CJ CGV reported an “earnings surprise.”
For the six months to June 30 revenues grew 23% from $140 million in 2007 to $172 million compared to the same time last year, while net profits more than doubled from $4.2 million to $9.1 million.
According to stock market analyses, the improved results were partly due to increases in the sales of theater concessions, up 32% to $14.8 million, and screen advertisements, up 34% to $10.8 million.
Controversially, CJ CGV has registered its concessions as general restaurants, allowing it to get a liquor license. It now sells beer at 12 of its 50 plexes.