Earnings increase for Macquarie Leisure

The Macquarie Leisure Trust has generated an 11% increase in earnings for second half of 2008, but has reported a fall in revenue at its Dreamworld theme park.
The group, which operates Dreamworld and WhiteWater World water park, along with marina, bowling and health club interests, saw revenue for the six months to 31st December 2008 up 18.9% to $187.6 million.
While total revenues at WhiteWater World were up 0.2% to $8.5 million, they fell by 4.3% at Dreamworld to $48.5 million.
Trust Chief Executive Greg Shaw said "the Dreamworld result is very pleasing given that the decline in revenue is mostly attributable to lower season pass sales during the period.
"Prior year numbers were also boosted by the successful launch of the Mick Doohan Motocoaster in late September 2007.
"In the current year, we anticipate that second half revenues will be assisted by a new interactive entertainment experience that will be launched in April to coincide with the Easter school holiday break."
Dreamworld revenues were up by 1% month on month in January 2009, despite the heavy rainfall in the area.
Macquarie Leisure Trust Chair, Neil Balnaves, added that "the group's strategy to focus on leisure attractions with low price points and mass market appeal has ensured that the business has delivered solid results despite tougher market conditions.
"Improved operating margins were achieved across the Group, reflecting the success of management initiatives to further refine labour efficiencies and operating costs."