Belgian cinema group Kinepolis drawn into the red by Covid-19

Belgian cinema group Kinepolis drawn into the red by Covid-19
Credit: Belga

Belgian cinema chain Kinepolis recorded losses during the first six months of the year due to the coronavirus crisis, the cinema group announces on Thursday.

The virus forced Kinepolis to close its cinemas for months. It was not until June that a cautious restart followed.

As a result, the group saw the number of visitors drop by 54.1% to 8.1 million. Turnover fell by 52.7% to €112.6 million. The adjusted EBITDA - the profit before interest, taxes, depreciation and amortisation - came to €16.4 million, a decrease of 76.6%. A net loss of 29.7 million euros remained after six months. A year earlier, a profit of 18.8 million euros remained.

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Kinepolis claims to closely monitor its cash position. Cost control is also reportedly going according to plan.

"This means that our group will be able to cope with the corona impact for some time to come," said CEO Eddy Duquenne.

"I am proud of the determination and speed with which our teams have responded to the current crisis, protecting our customers, employees and the company as best we can,” Duquenne said.

Kinepolis is confident that when the external circumstances return to normal, the group will be able to "quickly return to profit.”

The Brussels Times

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