이 기사는 2021년 05월 12일 07시49분 thebell에 표출된 기사입니다

South Korea’s leading cinema chain CJ CGV is trying to rebound after being hit hard by the pandemic last year.

CJ CGV reported revenue of 172.5 billion won ($154 million) and an operating loss of 62.8 billion won in the first quarter on the consolidated basis, industry sources said on Monday. Revenue decreased by 29% year-on-year, but its operating loss decreased by 8.8 billion won, showing signs of recovery.

It is encouraging that its overseas business posted positive financial performance. Its Chinese unit recorded revenue of 90.8 billion won in the first quarter, more than a six-fold increase compared to the same period last year. It also swung to an operating profit of 2.3 billion won from 32.8 billion won in loss. The Vietnamese unit’s operating profit also jumped by 433% to 3.2 billion won.

Both Chinese and Vietnamese markets are where anxiety about the Covid-19 has somewhat eased. Local contents gained huge popularity in the two markets, driving the cinema chain’s rebound.

There are growing expectations for earnings improvement in the domestic market after the pandemic.

A slew of Hollywood blockbuster movies are set to be released. “F9: The Fast Saga” will be released next week, with “Black Widow,” “007 No Time To Die,” and “The Boss Baby 2,” waiting to be released in the second half.

CJ CGV is streamlining its business while improving efficiency in response to the prolonged pandemic. (Reporting by Mi-hyung Chung)