Cinema and takeovers key to IT International Theatres profit

IT International Theatres' (ITIT) total revenues reached $84.5 million in 2003 up 16% on 2001. The group's EBIDTA rose 8% against 2001 and was $14.4 million. Much of the its profit was generated from its cinemas in Central and East Europe, mainly in Poland. "Poland is our main market in almost every respect", said Israel Greidinger, member of ITIT's board of directors. Cinema City and Imax cinemas controlled by ITIT produced 25% to 30% of the group's total revenues and the company saw their share rise in 2003 to 50% with continuing growth in profits. However, the concern would not disclose any details concerning the group's growth strategy. According to analysts, much of ITIT's revenues, similar to its chief competitor in Poland, ITI Group (Multikino), come from takeovers of smaller sector players and d iversification of sources of income into other areas of entertainment, such as bowling alleys. (Parkiet, March 8-10, p. 4) J.K.