Village Roadshow’s revenue and profits are below expectations for the first half of the year mainly due to “atrocious weather” during busy periods at the Gold Coast and Sydney theme parks.
Revenue was down 1.9% to $469.5 million for the six months to December. Net profit was lower by 26.2% to $13.34 million.
“The weather turned in the lead-up to the Christmas holiday season, adversely impacting the second quarter performance,” the company said.
Village Roadshow, Australia’s largest theme park operator, has Warner Bros Movie World, Sea World, Wet’n’Wild Water World, Paradise Country, Australian Outback Spectacular and Wet’n’Wild Sydney.
And overall cinema attendance was down marginally because of the timing of the release of some movies.
The second half of the financial year is expected to be significantly stronger with underlying net profit between $46 million and $52 million. This compares to a full year 2014 financial result of $56.5 million.
The company declared a fully franked interim dividend of 14 cents.
Village’s shares are trading down more than 7% to $5.91.