(Yicai Global) Aug. 4 -- The Covid-19 pandemic has inflicted a net loss of about CNY1.6 billion (USD224.3 million) on Chinese cinema chain Wanda Film Holding, whose net profit at the same point last year was CNY524 million.

The Beijing-based company wrung out about CNY2 billion in business revenue in an annual 73.9 percent slump in the first six months, CNY580 million (USD83.1 million) of which came from a box office down 88.3 percent from last year, according to the cinema operator’s semi-annual report released yesterday.

All of the over 600 of the company’s affiliated theaters shut down from Jan. 23 in the face of the coronavirus, and those it owns overseas also shuttered at the end of March as the pandemic spread there, Wanda Film cited these factors to account for its poor showing, adding none of the films scheduled to hit the silver screen could do so as planned.

The income of Chinese cinemas plummeted during the pestilence as their operations ground to a halt. The overall take of the country’s movie market was only CNY2.2 billion in the half, down 92.8 percent yearly, with the ranks of moviegoers thinned to about 60 million in a 92.6 percent decline from 2019, Wanda Film also noted.

The news apparently came as small surprise to the market as Wanda Film [SHE:002739] had dropped a mere 0.44 percent to CNY18.14 (USD2.60) by mid-morning.

Founded in 2005, the firm’s main businesses include screening movies, selling derivative products, advertising, production and distribution of movies, TV series and games.

Editor: Ben Armour