Cineworld has today forecast a better performance this year thanks to pent-up demand and a full movie slate, after posting a smaller 2021 loss helped by the success of Marvel's "Spider-Man: No Way Home".
The world's second largest cinema operator said it would capitalise on upcoming releases from "Avatar" to "Top Gun Maverick" and several others from the Marvel universe.
Though the return to cinemas and success of "Spider-Man" helped Cineworld, delays in film production and releases pose a challenge as it struggles with rising debt of about $8.9 billion.
It is also facing a potential multi million-dollar fine in a dispute with Canada's Cineplex.
Cineworld, which operates more than 9,000 screens in 10 countries including the US, the UK and Ireland, admitted 95.3 million people into its cinemas in 2021, a rise of 75% over the previous year.
But that number remains well below the 275 million people that flocked to its cinemas before the Covid-19 pandemic.
"Our strong final quarter performance reflects the pent-up demand for affordable out-of-home entertainment and the record breaking film slate, including 'Spider-Man: No Way Home', which showcased the importance of cinematic releases," chief executive Mooky Greidinger said.
The company's pretax loss narrowed to $708.3m for the year ended December 31 from $3.01 billion in 2020 when the pandemic began.
