Wanda Film loses over 1.5 billion yuan due to COVID-19

Wanda Film Holding Co., Ltd. on Tuesday reported a notable net loss in the first half of the year (H1) as COVID-19 forced China's biggest movie theater operator to shut its theaters.

The company suffered a net loss in the range of 1.5 billion yuan ($214 million) to 1.6 billion yuan in H1, compared with a profit of 524 million yuan during the same period last year, the company said in its preliminary earnings estimate, filed with the Shenzhen Stock Exchange.

Wanda Film said more than 600 of its domestic cinemas had been closed since Jan 23, while its overseas cinemas had also suspended operations since the end of March.

The company also cited postponed releases of movies it invested in, and the delayed shooting of TV dramas.

The shares of Wanda Film rose by 7.94 percent to close at 20.81 yuan apiece on Tuesday.