(Yicai Global) Feb. 23 -- Imax China Holding’s box office is expected this year to recover to the level last seen in 2019, before the Covid-19 pandemic, according to the chairman of the Chinese arm of Canada’s Imax Technology Network.

“We look ahead at 2023 confident of reaccelerated growth as we capitalize on revitalized Hollywood content flow and an increasingly Imax-friendly local film slate,” Richard Gelfond said during an earnings conference call today.

Gelfond mentioned the success of blockbuster movies Avatar: The Way of Water and The Wandering Earth II as further proof of strong pent-up demand for the high-resolution Imax experience.

The optimistic prediction is based on a good start to 2023. Imax China has taken USD85 million at the box office so far this year, as earnings during the Chinese New Year holiday jumped 54 percent to a record USD33.5 million.

But last year’s performance was disappointing. Net profit plunged 72 percent to USD10.8 million, and revenue fell 35 percent to USD73.3 million, mostly because of cinema shutterings due to sporadic Covid outbreaks and limited content, according to the firm’s annual report released today.

Imax China had added 794 systems to its China network as of the end of last year and installed 28 new theater systems, 29 fewer than in 2021.

Editor: Futura Costaglione