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Reading International Reports Q4 Earnings
Reading International, a global cinema and real estate company, recently reported its earnings for the fourth quarter of 2023.
Revenue and Net Loss
According to the report, Reading International’s revenue for Q4 2023 was $32.7 million, which is a decrease from the $76 million reported for the same quarter in 2019. The company attributed the decline to the ongoing COVID-19 pandemic and its effect on the cinema industry.
The net loss for Q4 2023 was $16.2 million or $0.72 per diluted share. This is a significant increase from the net loss of $1.3 million, or $0.06 per diluted share, reported for Q4 2019.
Cinema Operations
Reading International’s cinema operations were severely impacted by the pandemic, with many locations closed or operating at reduced capacity. The company reported that attendance levels for Q4 2023 were only 15% of what they were in the same quarter of 2019.
Despite the challenges faced by the cinema industry, Reading International was able to reopen some of its locations in the latter half of 2023. The company also reported that it has implemented various cost-saving measures to help mitigate the impact of the pandemic.
Real Estate Operations
Reading International’s real estate operations fared better than its cinema operations in Q4 2023. The report states that the company’s real estate portfolio had an occupancy rate of 92%, with only a small decrease from the 94% reported in the same quarter of 2019.
The company’s real estate segment also reported an increase in rental income compared to the same quarter in 2019.
Outlook and Future Plans
In light of the ongoing uncertainty caused by the pandemic, Reading International did not provide specific guidance for the coming quarters. However, the company remains optimistic about the future and its ability to weather the challenges posed by the pandemic.
Reading International reported that it has continued to invest in various strategic initiatives aimed at enhancing the company’s long-term growth prospects. These initiatives include expanding its cinema footprint, improving its existing locations, and developing new real estate projects.
