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Reading International Reports Strong Recovery and Asset Monetization Focus

2023-11-21 11:02:48.809000

Reading International, a global entertainment company, has announced robust financial results for Q3 2023. The company experienced its highest global total revenue since Q4 2019, driven by strong performance across all divisions, including cinema, live theater, and real estate. In an effort to improve liquidity and strengthen its balance sheet, Reading International is actively pursuing asset sales. They have already sold a property in New South Wales and are exploring the sale of other properties in New York City and Philadelphia. The company reported a decrease in net loss for the quarter and nine months ended September 30, 2023. To address debt and maintain liquidity, Reading International has extended loans and closed underperforming theaters. They plan to continue operating the Minetta Lane and Orpheum Theater sites as Off-Broadway venues, with potential sale or redevelopment in the future. [d01c2e9e]

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