Cinemark the leading cinema giant informed it has a loss of $208 million in the first quarter of 2021 due to deadly corona pandemic.
The impact is still holding strong and financial crisis continues for Cinemark as told by an exhibitor, Cinemark has 301 domestic and 38 international venues, In particular it has its presence felt in Latin America.
This is the official statement issued by CEO Mark Zoradi
“Over a year has passed since COVID-19 prompted the shutdown of our global circuit, and today I am pleased to report that we are now actively on the road to recovery.”
He added: “We are highly optimistic about theatrical exhibition’s resurgence in the U.S. over the coming months on account of a range of factors, including the rapid pace of the vaccine rollout, improving consumer sentiment about returning to movie theaters, recent box office successes and confirmation of consistent product supply. On a global basis, we remain confident that, like the U.S., other countries will quickly recover as lockdowns reign in the virus and vaccines are more widely disseminated.”