16 Mar 2012

Reading cinema customer numbers fall

7:19 am on 16 March 2012

Reading International has lifted its full year earnings, though patronage at its New Zealand cinemas has fallen.

The international cinema chain, which has operations in the US, Australia and New Zealand, reported earnings of $US35.6 million for the 2011 financial year, almost 20% more than in 2010.

Revenue rose almost 7% to $US246 million, largely due to a pickup in its Australian business.

In New Zealand, however, revenue fell by $3.6 million, which says is because of a 2.2% fall in ticket prices, fewer admissions and poorer film choice because of the Rugby World Cup, and the nine-month closure of a cinema in Christchurch.

It says admissions fell by 463,000 in the year.

The US-listed firm last year shifted its accountancy and administration operations to Wellington from the United States - a move which it expected to create 17 full time jobs, and generate $1.5 million in wages.