Cinemark Holdings, Inc. (CNK) has reported a 41.68 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $65.66 million, or $0.56 a share in the quarter, compared with $46.34 million, or $0.40 a share for the same period last year.
Revenue during the quarter grew 9.79 percent to $768.57 million from $700.06 million in the previous year period. Gross margin for the quarter contracted 30 basis points over the previous year period to 94.55 percent. Total expenses were 84.67 percent of quarterly revenues, down from 85.84 percent for the same period last year. This has led to an improvement of 117 basis points in operating margin to 15.33 percent.
Operating income for the quarter was $117.79 million, compared with $99.13 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $184.89 million compared with $159.15 million in the prior year period. At the same time, adjusted EBITDA margin improved 132 basis points in the quarter to 24.06 percent from 22.73 percent in the last year period.
"The robust film environment, coupled with our focus and execution on our strategic initiatives, enabled us to deliver a 9.8% increase in total revenues, 16% growth in Adjusted EBITDA and a 42% increase in net income," stated Mark Zoradi, Cinemark's chief executive officer. "We are pleased to see how our strategic investments and emphasis on enriching the guest experience favorably impacted our third quarter results. We remain opportunistic regarding these endeavors with an eye toward driving long-term shareholder value."
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