142 days ago | ScreenDaily
Poor box office performance of English-language slate, including Miss Sloane and The Circle, to blame.
Luc Besson’s mini-major EuropaCorp has posted a company record losses of $136m (€119.9m) for the 2016-17 financial year.
In a statement released in Paris on Wednesday morning (July 28), the company said consolidated revenue rose 3% to $171m (€151.7m) but net operating cash flows had fallen dramatically to $2.7m (€2.4m) for 2016-17, down from $92m (€81m) in the previous financial year.
The slight increase in consolidated revenue had been driven by foreign sales and an increase in Svod and TV sales to the Us, EuropaCorp said.
EuropaCorp had already officially announced in February that the company would post losses in 2016-17 that were “substantially higher” than losses in previous financial years. The company did not give further details but local media and entertainment analysts suggested a figure of around €35m ($39m).
The company said the losses were due mainly to the poor box