Better weather and record attendances at three of the Gold Coast’s major theme parks has helped Village Roadshow book an 18 per cent jump in half year profit.
The company made a net profit of $33.48 million for the six months to December 31, up from $28.27 million in the previous corresponding period.
Revenues were also up, at $480 million from $470.1 million.
Village on Thursday said mostly fine weather in the first half of the 2013 financial year and new attractions saw record attendances at its Gold Coast theme parks, which include Warner Bros Movie World, Sea World and Wet’n’Wild.
Visits to the three parks were up almost 550,000, or 26.8 per cent, translating to a solid 9.4 per cent rise in total revenue.
“The world is in the mood to go out, to indulge themselves in a little pleasure and escape from worries,” chief executive Graham Burke said in a statement.
“The theme parks have once again demonstrated they are a winning formula and the appetite for filmed entertainment appears unquenchable.”
Mr Burke said he also expected the $120 million Wet’n’Wild project in Sydney – which is on budget and on track for completion in December – to be a “major commercial success” when it opens.
Meanwhile, Village’s cinema division, which mainly operates in Australia, Singapore and the United States, also posted gains in revenues and profit.
An increase in ticket prices and higher patron spend on food and beverages in Australia drove earnings before interest, tax, depreciation and amortisation (EBITDA) up 12 per cent.
Box office sales also rebounded in November and December from a poor first quarter, largely thanks to the release of Twilight: Breaking Dawn Part 2, Skyfall and Madagascar 3.
Half year profits were also higher across Village’s film distribution, production and music operations compared to the previous corresponding period.
The company has kept its forecast for full year operating profit at between $55 million and $59 million.
Village will pay shareholders a fully franked interim dividend of 13 cents per share.
Its shares were placed in a trading halt on Thursday after its major shareholders, Village Roadshow Corporation (VRC) and directors Robert Kirby and Graham Burke, announced their intention to sell up to 11 million shares, or seven per cent, of their stake in the locally-listed company.
VRC and its director will retain a 44 per cent majority stake in the company and said they have no intention to deal with their remaining holdings.
Village Roadshow shares last traded at $4.52.
