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Apr 05, 2018 / 10:15

CGV denies information about US$123 million revenue

Ha Phuong

CJ CGV Vietnam representative has denied information about the company`s revenue reaching nearly VND2.8 trillion (US$123 million) in 2017.

CGV denies information about US$123 million revenue.
CGV denies information about US$123 million revenue.
Earlier, some newspapers reported on CJ CGV Vietnam's 2017 business results. In detail, CJ CGV Vietnam was reported to have sales of nearly VND2.8 trillion (US$123 million) in 2017. The daily average earning of this theater chain was reportedly more than VND7.6 billion (US$334.400); net profit from business activities reportedly reached nearly VND140 billion (US$6.16 million), an increase of 30% over the same period last year.
But CJ CGV Vietnam has denied that information. “Information relating to business results, including CJ CGV Vietnam's revenue of VND2,8 trillion (US$123 million) in 2017, was not provided by CGV,” CGV representative told Hanoitimes.
By the end of 2017, the chain of cinemas CJ CGV Vietnam has had 53 theaters with 324 movie screens. Its market share is approximately 47%, being 7% higher than the 2016 figure reported by CJ CGV itself.
CJ CGV, a Korean corporation, owner of a series of cinema complexes in many countries, has just released the 2017 Annual Report. In particular, in the Vietnamese market, the magnitude of CGV influence is increasing when the market share and business results continue to grow.
In 2011, the Group from Korea CJ CGV appeared in the Vietnam market after having spent US$73.6 million to acquire 80% stake in Megastar, owner of the largest cinema chain in Vietnam with market share of about 60% at that time and changed its name to CGV.
CJ CGV Vietnam (CGV) wants to help Vietnam become one of the five countries with world-class cinema in 2025. The South Korean entertainment giant CGV is expected to invest an additional US$200 million in three key cinema areas in Vietnam, the company leader said on February, 2018.
The investment amount is planned to be spent on building international-standard cinema facilities nationwide, especially in the remote or mountainous provinces; supporting the development of Vietnamese films and film talents in Vietnam; diversify the film genres, according to Sim Joon Beom, CEO of CGV Vietnam

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