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