Thursday , June 20 2024

Galaxy Cinema owner reports increased losses

Galaxy Entertainment and Education JSC, the owner of Galaxy Cinema chain, announced it incurred losses of more than VND620 billion (US$26.3 million) in 2022, up 68% from the previous year.

The loss caused the company’s equity to decrease by more than threefold to VND260 billion. By the end of 2022, it had VND1.35 trillion of liabilities, up 74% over the end of 2021.

A manager of Galaxy Entertainment and Education told VnExpress that the company suffered a big loss last year due to many reasons, including the negative impact of the pandemic and economic stagnation.

“The losses of more than VND620 billion are in the development and expansion plan of our company,” the manager said.

Last year the company acquired the FuNIX online programming training school from FPT Corporation and opened courses with university certificates.

The company invested in movies for screening at cinemas, and original series for the online viewing platform Galaxy Play it established in 2015.

Late this year, Galaxy Entertainment and Education will open more two cinemas and bring a new movie projection technology to Vietnam. It currently owns the Galaxy Cinema chain with 18 cinemas across the country.

Movie distribution and cinema, online video and online education are the three most prominent segments of Galaxy Entertainment and Education.

The company currently distributes films exclusively to Walt Disney Studios, Sony Picture Studios and some independent studios.

In recent years, it has focused on developing Galaxy Play which had signed up 4.5 million users by the end of 2021.

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