By Matteo Castia
Cineworld Group PLC warned Thursday that it may need to resort to fundraise if a new wave of lockdowns were to occur, as it posted a first-half net loss of $1.64 billion due to the coronavirus pandemic.
The London-listed company, which owns U.S. cinema chain Regal, swung to the loss from a $139.7 million profit in the year-earlier period. Revenue for the six months plummeted to $712.4 million from $2.15 billion the prior year, as all its theaters were closed amid coronavirus restrictions.
"If governments were to strengthen restrictions on social gathering, which may therefore oblige us to close our estate again or further push back movie releases, it would have a negative impact on our financial performance and likely require the need to raise additional liquidity," Cineworld said.
The company said 561 of its 778 sites are currently reopened, with 200 theatres in the U.S., six in the U.K. and 11 in Israel still closed.
No interim dividend was declared for the period.