CJ CGV posts record quarterly operating profit in Vietnam
The Republic of Korea (RoK)’s cinema chain CJ CGV posted a revenue of 59.1 billion KRW (44.8 million USD) and an operating profit of 9.3 billion KRW in Vietnam in the first quarter of this year.
Illustrative image (Source: VNA)It saw a year-on-year rise of 125.6% in revenue, and additional 7.1 billion KRW in operating profit.
This is the highest-ever quarterly operating profit the film distributor reported in Vietnam, even higher than the 2.1 billion KRW recorded in the first quarter of 2019 before the COVID-19 outbreak had begun.
CJ CGV said it earned operating profits only in Vietnam and Turkey where the number stood at 50 million KRW.
It forecast that the business outcomes will be maintained in the second quarter thanks to the recovery of the film industry and the release of many highly anticipated movies.
The Korean entertainment giant, which has been in Vietnam since 2011, is running 83 cinemas and 483 screens in the Southeast Asian nation, making up 51% of the market share.
CJ CGV said it is closely coordinating with the Vietnamese film industry, with the 2023 CJ Short Film Making Project being kicked off recently in Ho Chi Minh City./.
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