Cineworld profits soar on blockbusters

BLOCKBUSTER hits like Slumdog Millionaire helped to lift Cineworld &lsquo;s half-year profits by 33 per cent, the group said yesterday.<br /><br />Cineworld said its pre-tax profits were &pound;11.6m for the 27 week period ending 2 July 2009 compared to &pound;8.7m for the same period the year before. The group said box office receipts were up 24.3 per cent at &pound;111.4m, up from &pound;86.9m for the same period in 2008.<br /><br />Cineworld, which has 144 3D screens, also said it expects a big boost from a string of 3D releases such as &ldquo;Toy Story in 3D&rdquo; and the much-hyped &ldquo;Avatar&rdquo; film.<br /><br />Chief executive Stephen Wiener said: &ldquo;Going to the cinema is still a good value night out and it&rsquo;s one of the cheapest forms of entertainment.&rdquo; <br />Wiener added that the group would use discounts on mid-week nights to attract more customers.