Wanda Cinemas pads profit with financial investments
Cinema operator invested US$544 mn in short-term financial products as annual revenue in 2017 increased by 18%
Wanda Cinemas, a Chinese cinema operator under the Dalian Wanda Group, said its annual revenue in 2017 hit 13.23 billion yuan (US$2.09 billion), an 18.02% jump from a year earlier, The Paper reported.
The net profit attributable to shareholders was 1.515 billion yuan, an increase of 10.92%.
Among its operating revenue, income from movie screening was 8.33 billion yuan, accounting for 63% of the total operating revenue, followed by advertising income and sales revenue from commodities and restaurants.
It is noticeable that the company invested 3.45 billion yuan ($US544 million) in short-term financial products, gaining 14 million yuan in return. The company said using its idle funds in such a manner has improved the overall efficiency of fund use.
By the end of 2017, Wanda Cinemas had 516 direct-operated theatres and 4,571 screens, including 463 domestic theatres with 4,134 screens, and 53 foreign cinemas with 437 screens.