AMC Entertainment reports 561-mln-USD quarterly loss amid pandemic

Source: Xinhua| 2020-08-07 16:00:49|Editor: huaxia

LOS ANGELES, Aug. 7 (Xinhua) -- AMC Entertainment Holdings, Inc., the largest U.S. movie theater chain owned by Chinese conglomerate Wanda Group, reported Thursday a net loss of 561 million U.S. dollars in the second quarter due to the COVID-19 pandemic.

According to an AMC press release, the company's total revenue in the quarter ended June 30 fell 98.7 percent to 18.9 million dollars from 15.06 billion dollars a year ago. The company reported a loss of 5.44 dollars per share.

AMC suspended operations at all of its domestic and international theaters between February 23 and March 17 in response to COVID-19 safety concerns. AMC theaters in the United States remained closed for the entire second quarter while its international theaters resumed limited operations in early June, according to the company.

AMC said it is looking forward to welcoming guests to its theaters as soon as it is safe to do so, as well as being permissible under local, state or provincial as well as national guidelines.

The company stated that it has resumed operations at more than 130 international theaters. AMC currently expects to open approximately two-thirds or more of its U.S. theaters and all international theaters in August.

AMC has twice postponed reopening in the United States as the number of COVID-19 cases was growing at an alarming rate in some states in the country.

"It should be no surprise to anyone that with our operations shut the world over, and almost no revenues coming in the door, this was the most challenging quarter in the 100-year history of AMC," said Adam Aron, chief executive officer and president of AMC in the press release.

"A once in a century event has transformed 2020 into a brutal year, and movie theatre businesses have been hit particularly hard. Even so, as we look ahead, we remain optimistic about AMC's long term future," Aron added.

"Theatrical exhibition has always been resilient, and we are confident that at AMC we are taking the right steps to emerge from this crisis and to thrive once again as the leader in our industry," he noted.

Founded in 1920, AMC is now the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 1,000 theaters and 11,000 screens across the globe. Enditem