More people going to the movies - study
Mon, 13 Aug 2012 3:58p.m.
By Paul McBeth
Reading International, the Nasdaq-listed cinema chain, reported a boost in patrons to its New Zealand cinemas in the June quarter after reopening its Christchurch Palms complex following last year's earthquake.
An extra 68,000 admissions in the chain's New Zealand cinemas lifted sales by US$484,000 in the three months ended June 30, the Los Angeles-based company said in a statement.
The increased New Zealand sales partly offset declines in its US and Australian chains, and was "primarily as a result of the reopening of our Palms cinema in early January", it said.
Sales for the global group fell 6 percent to US$63.1 million in the quarter, with net income slumping to US$239,000 from US$17.4 million a year earlier when it recognised a one-time tax benefit in its Australian business.
Reading's first-half revenue rose 3.6 percent to US$125.8 million, falling into the red with a loss of US$3000 compared to a profit of US$15 million a year earlier.
Since the period's balance date, Reading said it entered into an agreement to sell its Sails Motor Lodge property in Taupo last month for $4.9 million, subject to several conditions being satisfied.
As at June 30 the property had a book value of $2.6 million. Reading began actively marketing it for sale in December.
Last year Reading beefed up its New Zealand presence by aggregating back-office accounting functions in its Wellington complex. The group hired 17 local accountants to replace finance staff in the US and Australia.
Local holding company Reading New Zealand reported a smaller loss of $4.6 million in calendar 2011 from $7.5 million a year earlier, according to its latest financial statements lodged with the Companies Office.
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14/08/2012 1:22:44 p.m.
Our stronger dollar reflects our economic performance internationally.Labour wants our dollar value reduced, and how will they achieve that without lowering our economic preformance?Many of their so-called policies that they say would help would actually make our economic situation worse.Eg they claimed removing youth rates would help youth unemployment, yet the removal of youth rates has lead to higher youth unemployment. Just about every policy they have does the exact opposite of what they claim.How would higher taxes help businesses in a recession?How will a higher minimum wage help businesses in a recession?How does claiming revenue=profit change that farmers have some of NZ's lowest incomes over the last 30 years?How well did the increase in highest personal tax rate to 39% work out for Labour? Well the tax collected by the tax bracket actually decreased during our boom years under Labour - the opposite of what Labour claimed would happen by raising the rate!Very little Labour did in its 9 years was really open and truthful. Maybe Helen comments on Maori were the most truthful? 'Last Cab on the Rank'Since then, MP's expenditure is much more open, as is minister accountability. To me more accountability is better in all things, but still Labour is fighting against accountability of any kind. Eg they still haven't told us how much Labour memebers took in finders fees for Labour directing ACC/Kiwisaver to invest in likes of Maddoff, where like investing lost NZ $29 billion pre-election 2008!
13/08/2012 11:24:11 p.m.
Labour doesn't want us to be preforming at the bottom, you are just being loony.
13/08/2012 6:29:22 p.m.
Labour still spouting doom/gloom, and yet again kiwis are spending more on luxeries like going to the movies!Still a couple of mil more in revenue PA is hardly earth shattering. But an increase is still an increase in a world hit by recession. 6% reduction globally, vs an increase in NZ in ticket sales. This follows similar economic data that has NZ performing near the top of the OECD while Labour wants us to be perfroming at the bottom.
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