TORONTO — Shares of Cineplex Inc. (TSX:CGX) fell Wednesday after the company reported a drop in second-quarter profit compared with a year ago as fewer people filled its theatres.The stock fell as low as $41.50 before recovering some of the ground it lost. Cineplex was down $3.26 at $46.22 in morning trading on the Toronto Stock Exchange.The company said it earned $1.4 million or two cents per share in its latest quarter, down from a profit of $7.2 million or 12 cents per diluted share a year ago.Revenue improved to $364.1 million, up from $338.0 million in the same quarter last year.Cineplex chief executive Ellis Jacob says the overall growth in revenue was due primarily to higher amusement revenue from the company’s growth and diversification.Amusement revenue improved to $45.7 million compared with $24.6 million a year ago, boosted by the company’s acquisitions of Tricorp Amusements Inc. and SAW last year and Dandy Amusements International Inc. earlier this year.Meanwhile, box office revenue totalled $170.7 million, up from $166.7 million, while attendance slipped to 16.5 million compared with 16.9 million a year ago.Food service revenue grew to $101.4 million compared with $96.8 million, while media revenue fell to $36.6 million from $40.2 million in the same quarter last year.Box office revenue per patron improved to $10.36 compared with $9.89 a year ago, while concession revenue per patron grew to $6.03, up from $5.74.Cineplex has been working to diversify beyond movies.Last week, the company announced an exclusive partnership deal to open Topgolf entertainment complexes, which combine a driving range with other entertainment options across the country over the next several years.Cineplex is also looking to expand its Rec Room complexes, which include eateries, live entertainment and games, across Canada.
The airline’s business proposal was reviewed by the Guyana Civil Aviation Authority (GCAA) which found it to be satisfactory, having fulfilled the requirements in the areas of law, organisation, finance and market analysis.Minister Harmon said, having met the criteria, the Cabinet granted its approval for American Airlines to operate scheduled air services on the Georgetown to Miami route.The airline had announced in March that it would be expanding its services in the region, however, service to Guyana was scheduled initially to begin in December. US carrier, American Airlines, will begin flights plying the Miami to Georgetown route four times weekly, commencing November 15.This announcement was made today by Minister of State, Joseph Harmon.An Airbus A319 aircraft with an eight first class and 120 economy class seating capacity will be used.According to DPI, Minister of Public Infrastructure, David Patterson, in his presentation to the Cabinet on Tuesday said the scope of the airline’s application was covered under the Air Transport Agreement between the Government of Guyana and the United States of America. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedAmerican Airlines announces daily flights from NY to GeorgetownMay 3, 2019In “Business”Travelspan to partner with American Airlines for NYC/Guyana flightsSeptember 26, 2018In “latest news”Spin off effects of new Airlines begin to grip GuyanaJune 26, 2014In “Business”