Hoyts NZ cinema unit almost doubles annual profit after selling distribution arm, converts to digital

Fri, 08 Nov 2013

By Tina Morrison Nov. 8 (BusinessDesk) – The Hoyts cinema chain in New Zealand almost doubled annual profit in 2013 after it sold its local distribution arm to French company Canal Plus Group and invested in switching its cinemas over to a digital format. Profit rose to $10.1 million in the year ended June 30, from $5.5 million a year earlier, according to Hoyts’ local unit HCH Bidco (NZ), which is owned by Australian private equity firm Pacific Equity Partners. The company booked a $2.7 million gain on the sale of its Hoyts distribution uni...

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