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“The Roundup: Punishment” (ABO Entertainment) |
South Korea’s largest multiplex cinema chain CJ CGV saw a fifth consecutive quarter of operating profit in the second quarter this year thanks to the success of megahit films, according to the company.
CJ CGV said its April to July sales increased by 7.6 percent on year to 430 billion won ($315 million). Its operating profit over the same period increased 26.4 percent on-year to 22.3 billion won.
The company attributed such performance to an increase in moviegoers who went to the cinema to watch “The Roundup: Punishment” and “Inside Out 2.”
“The Roundup: Punishment,” which opened in theaters on April 24, recorded 10 million admissions in just 22 days of its opening.
“Inside Out 2,” which opened here on June 12, became the biggest hit from Disney Pixar here by attracting some 7.3 million moviegoers.
The company said it expects the momentum to continue for the rest of the year with the opening of Hollywood blockbusters like “Deadpool and Wolverine” as well as long-awaited sequels like “I, the Executioner” which is slated for a Sept. 13 opening.
The company also highlighted its sales overseas, especially in Southeast Asian markets.
In Vietnam, CJ CGV recorded an operating profit of 8.7 billion won, surpassing Q2 2019, when the market was still stable before the pandemic. The company’s Indonesian sales and operating profit were also better than those from 2019 at 30 billion won and 7 billion won, respectively.
CJ CGV has been expanding its distribution network and presence in Southeast Asian markets by screening local content such as “Lat Mat 7,” “Vina” and “Siksa Kubur.”
