China’s Bona Film Doubles Profits in First Quarter

Bona Film Group saw net profits reach $4.9 million in the first quarter, outpacing revenues, which doubled to $118 million. The performance was driven by the blockbuster success of “Man From Macau II,” which was the biggest hit in China over the key Chinese New Year period.

“Macau II” grossed RMB974 million. Other films distributed by Bona in the quarter included “The Grandmaster 3D” earning RMB62.9 million “Tales of Mystery,” which earned RMB7.6 million and “Emperor’s Holidays” for RMB114.4 million. Including holdovers of “The Taking of Tiger Mountain” Bona enjoyed gross theatrical revenue of RMB1.6 billion from January to end of March.

Films currently in production include “The Phantom of Shanghai” (previously “The Shadow of the Devil City”), “Sword Master,” “Secret Treasure.” Ang Lee’s “Billy Lynn’s Long Halftime Walk,” in which Bona is a partner alongside Studio 8 and TriStar, began shooting in April.

“We expect the Chinese film industry to generate strong box office returns in 2015, and believe that Bona’s solid slate of films and vertically integrated business model will make us well positioned to capitalize on the growth in the market,” said company founder Yu Dong in a statement. But with fewer big releases in the second quarter the company will only barely stay profitable. It forecasts non-GAAP net income for the second quarter of 2015 of US$0.5 million to US$1.0 million.

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