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7 years ago
UPDATE 1-IMAX to install 5 digital theatres in Philippines
July 7, 2010 / 3:28 PM / 7 years ago

UPDATE 1-IMAX to install 5 digital theatres in Philippines

* Says 3 systems to be installed in 2011 and 2 in 2012

* Q2 DMR gross box office worldwide up about 37 pct

July 7 (Reuters) - Big-screen movie company IMAX Corp IMX.TO signed a deal with Philippine mall operator SM Prime Holdings Corp (SMPH.PS) to install five digital IMAX theatres in the country.

The three theatres expected to be installed in 2011 and two in 2012 take the total number of IMAX system deals announced year-to-date to 89, compared with 35 in 2009.

"The IMAX theatres serve as a great source of incremental revenue for our business, and we're seeing a growing demand for the IMAX brand as more big Hollywood movies are released in the format," SM Prime's President Hans Sy said in a statement.

The movie operator also said its IMAX DMR (digital re-mastering technology) gross box office worldwide sales rose about 37 percent in the second quarter to about $115 million, compared with a year ago.

Imax shares were up 4 percent at C$13.43 Wednesday morning on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Don Sebastian)

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