COVID-19 Outbreak Won’t Harm IMAX China in Long Term, Chair Says

新冠肺炎 IMAX
Published on: February 19, 2020
Author: Amy Liu

The outbreak of a novel coronavirus in China, which has resulted in citywide lockdowns affecting millions of people, will not impact the long-term development of IMAX China, according to its chairman.

The epidemic is a challenging start to the year, Richard Gelfond said in a statement today. “The safety of our employees and audiences is our top priority, he added, saying he supported the decision to postpone the release of the Chinese New Year film slate and cinema closures to contain the outbreak.

Shares in the firm [HKG:1970] were down 0.13 percent at HKD15.72 (USD2.02) as of 10.45 a.m.

IMAX China posted USD124.3 million in 2019 revenue, up 5.8 percent on the year. Adjusted profit came in at USD44.6 million, a 0.6 percent gain. Its gross box office takings jumped 8.7 percent to USD365.8 million after it showed nine of the country’s top 10 films throughout the year.

The firm installed 96 new theater systems last year as it looks to expand across the country, taking its total to 717 in China, including Hong Kong, Taiwan and Macao, as of the end of 2019.

Source: Yicai Global