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Cinemaxx seeing red

Sales up to $190 mil, but net loss was $29 million

COLOGNE — Multiplex theater operator Cinemaxx has reported a net loss for 2001 despite a growth in admissions.

Last year, the company withdrew from all foreign ventures and pulled out of a merger with Ufa Theater Group that would have created Germany’s largest cinema operator.

Company’s sales increased to €191 million ($190 million) from $160 million as attendance at the theaters rose from 18.6 million in 2000 to 22.6 million. Company’s net loss was $29 million, attributable partly to a value adjustment for discounted loans to Ufa Theater.

Cinemaxx noted that in the first half of the year, the number of moviegoers was up 7.5% from a year earlier, and the exhib expects to be in the black for the full year.

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