Even with Avatar: The Way of Water on its screens, cinema giant Cinemark Holdings reported a swing to a loss in the fourth quarter amid falling revenue.

As admissions and concessions sales came up short of last year’s performance, Cinemark saw overall revenue fall to $599.7 million for the three months ended in December, compared with a year-earlier $666.7 million. The Texas-based exhibitor had 39.2 million patrons come through its cinemas during the latest quarter, down on the 48.1 million customers that came through the turnstiles in the same period of 2021.

The cinema chain posted a fourth-quarter loss of $98.8 million, compared with a year-ago profit of $6.4 million, which had marked the first profitable quarter for Cinemark since the start of the coronavirus pandemic.

The per-share loss was 82 cents, compared with a year-earlier 5 cents a share profit. Analysts as part of a Zacks Investment Research survey had forecast a loss of 34 cents per share.

In the fourth quarter, Cinemark recorded a non-cash impairment charge for long-lived assets of $66.6 million, against an impairment charge of $13.3 million in the year-ago quarter.

“This past year represented another positive step forward for the theatrical exhibition industry’s recovery from the pandemic. Sustained consumer enthusiasm to view movies and events in an immersive, larger-than-life, theatrical setting was validated time and again throughout 2022 across all genres, audience segments, and periods of the year,” Sean Gamble, Cinemark’s president and CEO said in a statement Friday.