CJ CGV posts record quarterly operating profit in Vietnam

By VNA May 23, 2023 | 08:03 pm PT

A CGV logo is displayed at a cinema on Nguyen Chi Thanh Street, Hanoi. Photo courtesy of CGV.

The Republic of Korea’s cinema chain CJ CGV posted a revenue of KRW59.1 billion (US$44.8 million) and an operating profit of KRW9.3 billion in Vietnam in the first quarter of this year.

It saw a year-on-year rise of 125.6% in revenue, and additional KRW7.1 billion in operating profit.

This is the highest-ever quarterly operating profit the film distributor reported in Vietnam, even higher than the KRW2.1 billion 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 KRW50 million.

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.