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We all know how the COVID-19 pandemic has hurt the movie business. All the theatres globally have been closed in a major part of the first half of the year and that has given the industry huge losses. IMAX China has recently shared that they faced a net loss of $34 – $36 million in the first half of 2020.
Interestingly, in the same period last year, IMAX Cinemas had gained profits of $24 million. But due to its 700 properties being shut down this year so far, it had to deal with heavy losses.
A Variety report has referred to a notice posted to the Hong Kong stock exchange which says that the 2020 decrease was primarily attributable to the shutdown and coronavirus slowing the installation of new theatre systems. It has also considered a non-recurring deferred income tax charge and provisions of around $9 million made for trade and financing receivables as other contributing factors towards the loss.
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