Cineworld’s first half profit rises by 33%

British cinema chain, Cineworld reported a 33 per cent increase in its profits for the first half of 2009 owing to blockbuster hit such as Slumdog Millionaire.

Pre-tax profits of the company stood at £11.6 million for the 27 weeks to July 2, 2009, up from £8.7 million for the corresponding period in the previous year.

Box office receipts were recorded at £111.4 million, up 24.3 per cent as compared with £86.9 million last year.

Cineworld expected more success for the second half of the current year as the company is very much optimistic about upcoming 3D films such as Avatar, Toy Story in 3D, Christmas Carol etc.

Stephen Wiener, CEO of Cineworld, said, "Going to the cinema is still a good value night out and it's one of the cheapest forms of entertainment."

Cineworld has plans to offer concessions on mid-week nights in order to allure more spectators.

Shareholders received an interim dividend of 3.2p.