Revenue and distribution are up at the Cineplex Galaxy Income Fund, which on Thursday reported results for its first quarter of 2008. The fund behind Cineplex Entertainment LP and Canada’s largest theater chain clocked a 6.3% gain in total revenues for the period ending March 31 over the same period last year, and upped its cash distributions per unit by 5% to an annual rate of $1.26.

‘We begin 2008 with record setting first quarter results,’ said Ellis Jacob, president and CEO of Cineplex Entertainment, in a statement to investors, citing gains in attendance and ad sales. Attendance was up 5.4% over the first quarter of 2007, coming in at 14.6 million movie-goers, said Jacob, while revenues at Cineplex Media jumped nearly 40%.

Revenue for the traditionally slow quarter hit $189.8 million, up from $178.6 million for the same period last year. The partnership’s net loss for the quarter was $700,000, compared with $3.8 million for the same period in 2007.