IMAX China to Open 100 Venues in 2016

Imax China is set to open 100 new cinemas in 2016. That would be an increase of roughly a third on its current total of 307 in the Middle Kingdom, Hong Kong and Taiwan and an expansion of its theater openings schedule.

For 2015 the company reported revenues of $110 million, and increase of 41%, and adjusted profit of $43.4 million, an increase of 39%. It opened 75 new theaters last year.

The results were the first published by the Imax subsidiary since it floated as a separate company on the Hong Kong Stock Exchange.

The company exhibited 31 films in Imax format in 2016 in China, and an additional 10 in Hong Kong and Taiwan. They achieved a combined gross box office of $312 million, up 54%. Per screen average also grew by 10% to $1.34 million, the company said.

“Despite concerns over a macroeconomic slowdown in the region, we continue to see business that has never been better and a commitment from our exhibitors that has yet to waver,” said chairman Richard Gelfond in a statement.

In early trading on the HK Stock Exchange on Thursday the shares were down by 5% at HK$42.75. They were sold at HK$31 per share in October last year.

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