August 11, 2011 / 11:15 AM / 8 years ago

UPDATE 1-Cineplex Q2 profit falls as income tax expense rises

Aug 11 (Reuters) - Canada’s Cineplex Inc (CGX.TO) reported a 40 percent drop in second-quarter profit, hurt by one-time charges and higher income tax expense.

Net income fell to C$13.4 million, from C$22.2 million, a year ago. Total revenue for the company, which has about 67 percent market share of Canadian box office revenue, rose 7 percent to C$258.4 million.

Cineplex’s closest competitor in Canada is Empire Theatres, part of Empire Co Ltd (EMPa.TO), which has around 13 percent market share.

The company’s box-office revenue rose 5 percent to C$151.1 million in the quarter, due mainly to the success of Pirates of the Caribbean:On Stranger Tides, The Hangover 2 and Fast Five. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Viraj Nair)

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