Tuesday, July 27, 2021

MGM REVENUE SOARS 164 PERCENT

August 15, 2013 by · Leave a Comment 

The long-suffering MGM film studio on Wednesday reported that its revenue shot up 164 percent in its fiscal second quarter to $339 million. Although profit was down 16 percent in the quarter from 2012, the year-ago figure included a one-time gain related to the sale of its Latin American pay-TV assets. Excluding that sale, MGM’s profits were up $30 million. The studio is betting that its coming films, including sequels to RoboCop, 21 Jump Street and The Hobbit, will keep the money pouring in. “I continue to be very pleased with our strong performance to date in 2013 and look forward to the year ahead,” Chairman and Chief Executive Gary Barber said in a statement.