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Ko - production in Busan
  • CJ CGV Announces 3rd Quarter Performance Results
  • by SONG Soon-jin /  Nov 23, 2017
  • 11.9% Increase in Profit Due to Increased Overseas Business

    Korea’s largest film distributor and exhibitor, CJ CGV, announced its third quarter performance results for 2017. “In the third quarter, our sales reached about 400 million dollars, with a business profit of 32.2 million dollars and a net profit of 30.2 million dollars.” CGV announced in a November 9th press. Although their businesses overseas for the third quarter were very active, their domestic business performed under expectations. CGV noted, “Most of the sales from the third quarter was thanks to 4DX as well as establishing overseas corporations in China and Vietnam.” CGV’s businesses in China and Vietnam have grown exponentially. In China, Wolf Warrior 2 had record ticket sales at the box office, and CGV’s sales increased by 24.2% compared to the same time last year, amounting to 89.8 million dollars, with a business profit of 4.5 million dollars. In the Vietnamese theater market, CGV is the main service provider. Spider-Man: Homecoming performed very well which led to an increase of 19% in sales, with 1.7 million dollars in business profit. On top of this, CGV noted that “the establishment of Indonesia’s corporate body also caused an impact.” Thanks to this, CGV’s third quarter performance went up by 11.9% from the same time last year.

    Meanwhile in Korea, CJ E&M distributed The Battleship Island was one of several highly anticipated films that failed to perform well at the box office, influencing CGV’s performance. CGV quoted, “The filmgoers in the local market have decreased, so profit has also decreased by 5.3%.” CGV recorded local sales of 269.2 million dollars in this quarter, which is a 6.7% drop from last year. With the Chuseok holiday being pushed back to October, the sales from the holiday could not be counted into the third quarter. Meanwhile in Turkey, CGV made 37.5 million dollars which is a loss of 200 thousand dollars, and their sales of 18.5 million dollars in Indonesia added another loss of 200 thousand dollars. However, CGV’s subsidiary CJ 4DPLEX grew double from last year and made 49.8 million dollars, giving them a quadrupled business profit of 10.1 million dollars.
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