CGV Vietnam profits plummet 34%

By Tat Dat August 19, 2022 | 05:53 pm PT

People queue up for "Em va Trinh" tickets at a CGV theater in Ho Chi Minh City in June 2022. Photo by VnExpress/Huyen Do

Cinema chain CGV Vietnam saw Q2 profits plunge 34% from 2019 (before the Covid-19 pandemic) to KRW4.2 billion ($3.16 million) despite screening several blockbusters.

The unit of the Korean entertainment giant CJ CGV, however, saw revenue surging 148% to KRW39.2 billion.

Several Hollywood blockbusters and the Vietnamese movie "Em va Trinh" – which depicts the life and career of local artist Trinh Cong Son – helped boost revenue, CGV said, adding that increased consumer spending post-pandemic also contributed to the surge in sales.

In the second quarter, "Doctor Strange in the Multiverse of Madness" fetched VND200 billion ($8.3 million) in all Vietnam theaters, followed by "Em va Trinh", VND97 billion, and Jurassic World: Dominion, VND75 billion, according to Office Box Vietnam.

CJ CGV entered Vietnam in 2011. It posted a record-high profit of $15.2 million in 2019 before seeing losses in the following two years due to Covid-19 impacts.

By the end of June, it had 82 theaters in 29 localities. It claims to hold a 54 percent market share.