MGM’s expensive remake of Ben-Hur lost the company approximately $47.8m (£37.9m), investors have been told.
Barber said he expected MGM to deliver overall earnings of $390m for 2016.
“Our third-quarter results were negatively impacted by a significant impairment charge resulting from the substantial underperformance of Ben-Hur,” MGM CEO Gary Barber was quoted as saying by Deadline.
The company released its quarterly earnings statement on 10 November, telling investors that its earnings were $20.2m lower than the equivalent quarter last year, “primarily due to $47.8 million of film impairment charges”.