The big screen builders saw smaller profits in 2016.
IMAX China Holding Inc. saw profits fall 13 percent in 2016, dipping even the three percent growth that China’s box office experienced during the year, the company announced Friday.
The company puts its profits at US$37.6 million. Revenues for the year were up 7.2 percent to $118.5 million, but revenue from ticket sales at its cinemas also declined by about 5.5 percent, from $312 million to $295 million.
IMAX China attributed the drop to the overall box office slowdown in the country. The subsidiary of the Canada-based large-screen format and cinema system company operates at 424 cinemas in China, 261 of which are operated on a revenue-sharing basis.
The company installed 117 new screens in 2016, and signed orders for another 238.
IMAX China is listed on the Stock Exchange of Hong Kong.