11:08 AM EDT, 04/11/2024 (MT Newswires) -- Cineplex (CGX.TO) on Thursday reported a 46% increase in March box office revenue to $59.2 million as customers sought premium services and "Dune: Part Two" led a strong movie lineup.

The cinema operator said Dune brought in more than $260 million in domestic box office revenues to date, with Cineplex accounting for more than 10%. Other leading movies in the month were "Kung Fu Panda 4" and "Godzilla x Kong: The New Empire."

Cineplex's March revenue was 95% of the March, 2019, level, indicating the company has almost fully recovered from the downturn initiated in early 2020 by the Covid-19 pandemic. Cineplex said the North American industry average for March is revenue at 81% of the March 2019 level.

National Bank said Thursday that Cineplex's March box office data was "incrementally better" than its street-high expectations.

The bank has an outperform rating with a price target of C$12.50.

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