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Village Roadshow flags earnings fall

Petrina Berry  |  30 Jan 2018Text size  Decrease  Increase  |  
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BRISBANE - [AAP] Shares in Village Roadshow (ASX: VRL) have plunged by more than 10 per cent after the company warned its first half results will be "substantially below" the previous first half.

The company says it has experienced challenging conditions at its Gold Coast and Sydney theme parks and cinemas during the six months to December 31.

The owner of Warner Bros Movie World, Sea World and Wet'n'Wild says the October 2016 ride tragedy at rival amusement park Dreamworld continued to hurt its theme parks' visitor numbers, while a slow schedule of new releases has affected cinema attendances.

Shares in the company were down 43 cents, or 10.46 per cent to $3.68 at 1120 AEDT.

The company, which will release its 2018 first half results on February 16, made a $6.7 million loss, with revenue of $545 million during the first half of the 2017 financial year.

Village Roadshow was more positive about the full year, saying it has seen an improvement in ticket sales in January at its theme parks, and its cinema business is expected to recover in the second half to finish slightly below the prior year.

The company said it expects its full-year net profit before material items and discontinued operations to be in the range of $12 million to $17 million.

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The prior year's full-year statutory loss was $66.7 million.

 

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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.

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