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Cineworld eyes reopening after swinging to $3bn loss on pandemic impact
StockMarketWire.com
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Cinema group Cineworld swung to a $3 billion annual loss on asset writedowns and lower revenue after Covid-19 restrictions forced it to shut its doors.
For the year ended 31 December 2020, pre-tax losses were $3.0 billion, compared with a profit of $212.3 million last year as revenue fell 80.5% to $852.3 million.
The company suffered a hit from asset writedowns of $1,344.5 million.
All sites remain closed, but were expected to open in the US, UK from 2 April and 17 May respectively.
The company also said it had raised $213 million from a convertible bond offering due 2025 that carries a coupon of 7.5% per annum and is convertible at $1.7620 per share.
Looking ahead, the company said it expected strong pent-up demand for out-of-home entertainment anticipated post re-opening due to 'the COVID-19 pandemic as indicated by the theatrical industry performing well in re-opened markets such as China, Japan and Australia.'
Story provided by StockMarketWire.com
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