CGV Posts 3.2 Billion Won Operating Profit in Q1, Remains in the Black Despite Domestic Losses

CJ CGV continued its profitability in the first quarter of this year, driven by strong performances in overseas markets such as China and Vietnam. The company has recorded operating profit for eight consecutive quarters, supported by the global recovery and the growth of its technology-based special theater business.

A CGV theater in Seoul. Photo by Yonhap News

On May 8, CGV announced that its consolidated sales for the first quarter of this year reached 533.6 billion won, with an operating profit of 3.2 billion won. Sales increased by 35.8% compared to the same period last year, while operating profit decreased by 29.5%.

In China, CGV achieved record-breaking quarterly results with sales of 105 billion won and an operating profit of 18.9 billion won, thanks to the boost from the Lunar New Year holiday. The animated film "Boonie Bears: Time Twist" led the box office, while local content such as "Detective Chinatown 1900" and "Creation of the Gods I: Kingdom of Storms" also performed well.

Vietnam also posted its highest-ever quarterly results, with sales of 76.8 billion won and an operating profit of 12.9 billion won, driven by the success of local comedy films such as "Bo To Bao Than" and "Nu Hon Bac Ti."

In contrast, the domestic market recorded sales of 128.3 billion won and an operating loss of 31 billion won, due to the base effect from last year's hit film "Exhuma" and the lack of major content in the first quarter. Operating losses were also reported in Indonesia and Turkiye, amounting to 1.3 billion won and 500 million won, respectively.

The subsidiary CJ 4DPLEX, which is responsible for the technology-based special theater business, accelerated its growth by signing a major deal with AMC, the world's largest theater chain, and recorded sales of 26.5 billion won with an operating loss of 900 million won.

Jung Jongmin, CEO of CJ CGV, stated, "In the second quarter, highly anticipated domestic and international films such as 'Mission: Impossible ? Dead Reckoning,' 'How to Train Your Dragon,' 'Soju War,' and 'Hi Five' are scheduled for release. We will continue our recovery in performance through the global growth of CJ 4DPLEX and improvements in our domestic business structure."