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Hotels, cinemas ‘will rebound again after lockdowns’, Event says

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Key Points

  • Revenue ($m) 692.5, down 32.8pc from year-earlier 1030.9 
  • Pre-tax profit ($m) -63.0 compared with -68.4
  • Net profit ($m) -48.0 compared with -57 
  • No interim dividend 

Event Hospitality & Entertainment chief executive Jane Hastings says the company, Australia’s biggest owner and operator of hotels and cinemas, has “materially mitigated” the impact of COVID-19 following a turnaround in its performance in the second half of the past financial year.

The 111-year-old company, backed by Financial Review Rich Lister Alan Rydge, delivered full-year earnings before tax of $27.2 million, after disclosing a pre-tax interim EBITDA loss of $31 million in February.

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Larry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com

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    Original URL: https://www.afr.com/property/commercial/hotels-cinemas-will-rebound-again-after-lockdowns-event-says-20210823-p58l31