Village Roadshow reports 50% rise in full year profits

Theme parks and entertainment conglomerate Village Roadshow has reported a rise of more than 50% in full-year profits, backed by strong results in its cinema division and successful theme park promotional strategies.

For the year ended 30th June 2013, the group, which has interests in theme parks, cinema, film production and distribution, said net profits totalled $50.9 million, up 50.8% on $33.8 million reported in the same period last year.

Village Roadshow's theme parks division recorded its second highest EBITDA result in 2013 with, a 2.3% increase in EBITDA, up $1.9 million on the previous year to $83.5million.

This performance was achieved despite poor weather on the Gold Coast during key holiday periods in the second half of the financial year.

The result also includes a $2 million (US$1.8 million) write-off of pre-opening costs for Wet'n'Wild Las Vegas.

Earnings from Village Roadshow's cinemas rose by 11.7% as people flocked to the movies to watch the James Bond film Skyfall, and the final instalment of Twilight: Breaking Dawn 2.

Higher ticket, food and beverage prices driven by the expansion of its Gold Class and Max offerings also increased the money people spent at the movies.

Village Roadshow will further expand its theme parks division, with Wet'n'Wild Sydney opening this December and another attraction on Hainan Island in China scheduled to open by the end of 2014.

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