Cineworld Group Declares $208 Million Operating Loss for COVID-Hit First Half of 2021
has recorded an operating loss of $209 million in its interim financial results for the six-month period ended June 30, 2021.
The operating losses were lessened by asset impairment reversals of $95.6 million resulting from lease modifications. The operating losses are vastly lower compared to the same period in 2020 when the group posted a loss of $1.34 billion. The results noted a cash burn of $271 million during the period, averaging approximately $45 million per month, supported by positive working capital in June. As of June 2021, the group had cash of $437 million, which was strengthened by an additional term loan with principal value ofThe group’s net external borrowings less cash were $4.63 billion, up from $4.55 billion at the end of 2020.
The group took a positive view of the upcoming release slate and talked up the prospects of the four new Marvel movies as well as “Top Gun Maverick,” the new James Bond film, the fourth Matrix film and “Dune.”
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