CJ CGV, operating loss of 14.1 billion won in the first quarter... Significant improvement in the 'slam dunk' effect

2023-05-12 08:24:28

Sales increased by 76.3% to KRW 393.6 billion… the power of content
Expectations for the month of May… 2nd quarter ‘performance recovery’ outlook

(Sisa Today, Sisa ON, Sisa On = Reporter Seulgi Pyeon)

CJ CGV announced consolidated results for the first quarter of 2023. ⓒ Newsis

CJ CGV recorded an operating loss of 14.1 billion won and sales of 393.6 billion won on a consolidated basis in the first quarter of this year. Thanks to the success of local contents such as ‘Slam Dunk’ and ‘Suzume’s Door Lock’, sales increased by 76.3% compared to the same period last year, and operating loss was reduced by 40.8 billion won.

Looking at each country’s performance, Korea achieved overall performance improvement with box office hits such as △’Avatar: Road of Water’, which exceeded 10 million cumulative audiences, △Slam Dunk, and △Suzume’s Door Lock. Compared to the same period last year, sales increased by 108.5% to KRW 176.4 billion, and operating loss decreased by KRW 25.7 billion to KRW 19.9 billion.

In China, thanks to the recovery of Corona 19, the number of visitors during the Lunar New Year period ranked second in history. Sales rose 25.8% year-on-year to KRW 82.5 billion, and operating loss improved by KRW 5.1 billion to KRW 6.7 billion.

Despite the impact of the earthquake, Turkiye recorded KRW 35.8 billion in sales, up 31.1% from the same period last year. Operating profit remained in the black.

CGV expects continued earnings improvement in the second quarter. In particular, it is analyzed that many audiences will gather at the theater during May, the month of family, holidays and peak seasons around the world, and continue to recover performance.

Heo Min-hei, CEO of CJ CGV, said, “We led the improvement in the first quarter performance through ONLY contents and differentiated experience marketing that can only be enjoyed at CGV.” We will lead the innovation of the theater business by changing it.”