ABS-CBN starts taking over management of CityMall cinemas
MANILA, Philippines — ABS-CBN Corp. has assumed management of newly-opened cinemas at CityMall in Cavite, in line with a partnership deal with community mall developer CityMall Commercial Centers Inc. (CMCCI).
In a statement, ABS-CBN said it has taken over management of the two cinemas in CityMall in Anabu, Imus.
The first cinema has 98 seats, while the second has a seating capacity of 73.
ABS-CBN’s management of the cinemas is part of the agreement entered into with CMCCI, the mall development arm of Double Dragon Properties Corp.
Under the agreement signed in December last year, ABS-CBN will manage the booking and the food and beverage operations of mini theaters of CityMall community mall projects, while CMCCI will provide the cinema infrastructure.
The agreement also allows ABS-CBN to screen Star Cinema films in the theaters.
ABS-CBN is venturing into cinema management as part of the company’s consumer business.
ABS-CBN’s consumer business covers subscription, ticketed experiences and durable goods.
As of the first semester, ABS-CBN’s net income reached P1.26 billion, down from the P2.1 billion in the same period last year.
Despite the lower net income result in the first semester of the year, the firm is keeping its P3 billion net profit guidance for the year.
Last year, ABS-CBN’s net income reached P3.53 billion, 39 percent higher than the P2.55 billion in 2015.