Melbourne Aquarium owner reduces losses

Living and Leisure Australia, owner of Melbourne Aquarium and the Otway Fly and Illawarra Fly treetop walks, has announced that it has reduced debt and losses during 2009 and is in a strong position to continue growth in 2010.

The group saw total revenue up 8.8% on 2008 to $123.5 million, reporting a net loss of $15.4 million - significantly lower than the previous year's loss of $74.8 million.

Chair, Julanne Shearer, said the group's $100 million recapitalisation and corporate restructure in 2008, which included the appointment of former Falls Creek executive John Schryver as Chief Executive, 2008 had "positioned us well to address the challenges presented by the global financial crisis".

Shearer added "the geographic diversity of our attractions also provided protection from the effects of the economic downturn, while the more efficient use of our established facilities helped us to ensure the long-term sustainability of our operations.

"Our aquariums, ski fields and treetop walks were well patronised throughout the year. During what have been uncertain financial times, our attractions offered a cost-effective leisure option for the increased numbers of families who chose to save their money and holiday at home."

Living and Leisure Australia Group, formerly known as MFS Living and Leisure, owns Underwater World at Mooloolaba; the Melbourne Aquarium;, Siam Ocean World in Bangkok, Thailand; Busan Aquarium in Korea and Shanghai Chang Feng Ocean World; treetop walks the Otway Fly and Illawarra Fly and the Mount Hotham and Falls Creek ski resorts.

In November 2008, the group opened its expansion to Melbourne Aquarium - which last month won the Best Major Tourism Attraction at the annual Victorian Tourism Awards.

Image: Melbourne Aquarium.