KUALA LUMPUR, April 1 (Bernama) -- Bursa Malaysia closed higher on Wednesday, with the key index rising 1.10 per cent, in line with firm gains across regional markets following a strong rally on Wall Street overnight, said an analyst. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the improvement in sentiment was underpinned by easing geopolitical concerns and a decline in oil prices. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increase 18.54 points or 1.10 per cent to 1,708.90 from Tuesday’s close of 1,690.36. The benchmark index opened 25.58 points higher at 1,715.94, marking its intraday high, and hit a low of 1,700.20 during the mid-morning session. The broader market was positive, with gainers leading decliners 780 to 444. A total of 475 counters were unchanged, 926 untraded and 11 suspended.
Strong Q4 Performance Boosts AMC Stock
- AMC Entertainment (AMC.US) shares rose 1.4% in extended trading after reporting better-than-expected Q4 revenue of $1.306 billion, up from $1.104 billion YOY, beating analyst expectations of $1.291 billion.
- Fourth-quarter admissions revenue reached $721.4 million, surpassing the expected $719 million.
- Food & beverage sales climbed to $446.2 million, exceeding projections of $437 million.
Earnings and Outlook
- AMC’s Q4 net loss narrowed to $135.6 million (35 cents per share) from $182 million (83 cents per share) YOY.
- Adjusted loss per share was 18 cents, in line with analyst expectations.
- 62 million moviegoers visited AMC theaters, marking a post-pandemic record and a 20% YOY increase.
- CEO Adam Aron expects 2025 to be a strong year, driven by major releases like "Wicked Part 2," "Zootopia 2," and the next "Avatar" film.
CEO Claps Back at Critics
- Aron addressed misinformation on social media, calling out "crackpot conspiracy theorists" spreading false claims about AMC.
- He reassured investors of his alignment with shareholders, revealing he hasn't sold AMC shares in three years and now owns 975,000 shares.
- AMC will not issue additional stock in 2025 unless approved by shareholders.
Stock Performance
- AMC closed at $3.27 on Tuesday, far below its $393.63 peak during the meme-stock frenzy.
- Shares have fallen 32% in the past year, while the S&P 500 gained 17.3%.
Summary:
- AMC’s revenue exceeded expectations, driven by a stronger box office.
- CEO Adam Aron remains bullish on the company’s future despite past struggles.
- Social media controversies persist, but Aron dismisses misinformation and affirms shareholder alignment.
- No further stock sales in 2025 without shareholder approval.
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