Business

Palace box office sales up 17% in 3Q

Friday, May 16, 2014    

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CINEMA operator Palace Amusement Company grew third-quarter revenues by 21 per cent, with box office sales increasing across all movie theatres compared to the prior year.

Total revenues for the period ending March 31, 2014 was $184.6 million compared to $152.3 million last year. Box office receipts totalled $106.7 million for the period under review, 17 per cent more than the same three months in 2013. Some hit Hollywood films showed at the cinemas over the period, including 12 Years a Slave, American Hustle and Lone Survivor.

Confectionery sales were $41.6 million or 12 per cent higher in the March 2014 quarter than the comparative period last year.

Palace runs the island's four major cinemas. Carib Cinema in Kingston continued to earn the bulk of box office receipts, with third-quarter sales amounting to $55 million or 13 per cent over last year. It was followed by Palace Multiplex in Montego Bay at $28.4 million, a growth of 27 per cent. Palace Cineplex in Kingston at $17.7 million, and Odeon Cineplex in Mandeville at $5.6 million, saw third-quarter box office sales increase by 20 per cent and eight per cent, respectively. Confectionery sales at the theatres totalled $22.4 million, $10.2 million, $6.7 million and $2.3 million, respectively.

Meanwhile, however, the cinema company made a loss for the period under review, albeit significantly less than losses racked up a year earlier. Net losses totalled $9.1 million for the March 2014 quarter compared to a net loss of $22.1 million the corresponding period last year.

Since 2011, the company has embarked on a multimillion Digital 3D build-out project earmarked as a saviour in an industry ravaged by pirates. Palace now has three Digital 3D screens at Carib; two at Palace Cineplex and two at Palace Multiplex.

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