Sep 24, 2020
Cineworld swings to huge loss after virus closures
Cineworld has warned it may need to raise more money in the event of further coronavirus restrictions or film delays due to Covid-19. It swung to a $1.6bn loss for the six months to June as its cinemas were closed under lockdown. Six of its theatres in the UK remain closed after cinemas were forced to shut temporarily for several months from mid-March in an attempt to contain the spread of Covid-19. The lockdown closures meant group revenues sank to $712.4m in the first six months of the year, compared with $2.15bn a year earlier. The group loss this year also marks a huge fall from the pre-tax profits of $139.7m seen in the first six months of 2019.
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