Net profits at China’s Bona Film Group doubled last year to hit $16.9 million, buoyed by a powerful theatrical releasing performance.
The figure was achieved on revenues of $254 million, up 70% on the 2013 figures.
In 2014 it distributed or invested in 12 films for release in China. They generated a total of approximately RMB2.6 billion ($424 million) in box office receipts, giving the company roughly 15% of total China box office receipts, and making Bona the second largest private sector distributor in the country.
The highlight was “The Taking of Tiger Mountain,” a Christmas release that generated RMB881 million ($144 million) in local box office receipts, making it Bona’s biggest film, and one of the top 10 films ever released in China.
Bona says it will now launch a second film fund, worth RMB 1.7 billion ($278 million), which will finance the development and production of Bona’s film and TV projects over the next two to three years, including Chinese-language films and foreign-language titles.
Major films undergoing production in the first quarter of 2015 include “Mekong River,” “Insanity,” “Bride Wars,” “The Sword Master” and “I Am Somebody.”
The first quarter of 2015 has started strongly with the release of “The Man From Macau II”, which was released on Feb. 19 and to date has achieved gross box office of RMB750 million ($123 million). Speaking on a conference call with investment analysts, Bona’s founder, chairman and CEO Yu Dong said that plans are under way for a third instalment of the comedy gambling franchise, reuniting star Chow Yun-fat and director Wong Jing.