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Ardent expects to trade profitably in H2

Trevor Chappell  |  26 Feb 2018Text size  Decrease  Increase  |  
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MELBOURNE - [AAP] Theme parks and entertainment centres operator Ardent Leisure (ASX: AAD) expects to trade profitably in the second half of the financial year as attendances improve at the Dreamworld theme park on the Gold Coast.

Visitor numbers have slowly been recovering since their dramatic fall following a fatal accident there in October 2016.

Ardent booked a net loss of $15.6 million for the period from July 1 to December 26 of $15.6 million--less than a third of its $49.3 million net loss for the six months to December 31, 2016.

The result--for 179 days, compared to the previous first-half's 184 days--includes an impairment charge on Dreamworld of $22.8 million, that was flagged earlier in February.

But the group says it expects to trade profitably in the second half, generating both positive earnings and profit.

Ardent's first-half revenue fell 16.3 per cent to $265.55 million, mainly due to the sale of the group's health clubs and marinas businesses.

Pro-forma revenue was down 12.1 per cent at $278.9 million, after accounting for the varied period of the half-year.

The company kept its interim dividend at two cents a share.

Ardent Leisure securities were 3.25 cents, or 1.7 per cent higher at $1.9175 at 1114 AEDT.

ARDENT NARROWS FIRST-HALF LOSS

* First-half net loss of $15.6m, compared to a loss of $49.3m a year earlier

* Revenue down 16.3pc to $265.6m

* Interim distribution of two cents per security, in line with the prior corresponding period

 

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is an AAP journalist.

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© 2021 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

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