(AOF) – AMC Entertainment rose 3.3% pre-market in the wake of its second quarter results. The movie theater chain’s net profit was $8.6 million, compared to a net loss of $121.6 million the previous year. The company reported earnings of 1 cent per share, compared with a loss of 12 cents per share a year earlier. Its revenues jumped 15.6% to 1.35 billion dollars, an amount higher than the consensus established at 1.29 billion dollars.
“The third quarter of 2023 is off to an explosive start with ‘Barbie’, ‘Oppenheimer’, ‘Mission Impossible – Dead Reckoning Part One’ and ‘Sound of Freedom’,” said CEO Adam Aron, adding that July saw the highest monthly revenue ever for AMC.
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World tourism still on the rise
Over the first nine months of 2022, 700 million tourists traveled internationally, more than double (+133%) the figure recorded for the same period in 2021. This figure reached 63% of 2019 levels , which should allow the sector to reach 65% of its pre-pandemic levels in 2022. This result is due to a strong level of demand and the gradual lifting of restrictions in a large number of countries. Europe is significantly supporting this rebound with the arrival of 477 million people between January and September 2022 (68% of the global total), reaching 81% of the pre-covid level. Tourism there is driven by strong intra-regional demand and travel from the United States. Some destinations recorded notable increases in receipts, including Serbia, Romania, Turkey, Latvia, Portugal, Pakistan, Mexico, Morocco and France.