Q3 profits and revenues boosted by distribution, exhibition
HONG KONG – Profits and revenues were up in the third quarter for China’s Bona Film Group, reversing a dip at the half year. The gain was driven by growing distribution revenues and the company’s expanded exhibition interests.
Revenues in the July-Sept. 2013 period were $35 million compared with $24.6 million in the same quarter last year. Net income was $2.8 million compared to $1.3 million.
The NASDAQ-listed company, which counts 21st Century Fox as a 19.9% owner, released three films in the quarter, “Unbeatable,” (pictured) “My Lucky Star” and “Out of Inferno 3D,” and will release “Red 2” today. Gross profits from distribution were $6.2 million, a figure now overtaken by the theater sector, which delivered $8.7 million.
“The outlook for 2014 is even better as we have many strong titles in our distribution and development pipelines, the financial resources to bring more quality films to market and plans to further expand our theater network,” the company said in a statement.
The company revealed that the releases of two films have been pushed back into the first quarter of 2014 — “The White Haired Witch” and “Overheard 3.” “Mortal Instruments: City of Bones” will be released on Dec. 31, meaning that revenue will also fall into next year’s results.