Blockbusters not enough to stave off cinemas’ losses

Box office receipts from the latest Batman and Avengers blockbusters were not enough to prevent a 37% drop in operating profits at cinema chain Irish Multiplex Cinemas last year.

New accounts filed by the Ireland-based cinema group show that operating profits dropped from €948,736 to €600,121 in the 12 months to the end of October last.

The figures lodged with the Companies Office show that the firm recorded a pre-tax loss of €5m after booking a €5.8m impairment charge on the firm’s properties.