Village half-year results: Gold Coast theme park owner reports earnings growth up 7pc to $39M

Movie World owner Village Roadshow has reported strong growth in earnings at its Gold Coast themeparks up seven per cent to $39 million for the first half.

MOVIE World owner Village Roadshow has reported strong growth in earnings at its Gold Coast themeparks up seven per cent to $39 million for the first half.

However, it said this morning it expects a triple whammy of bushfires, floods and the coronavirus outbreak will hit earnings by $3 million in the second half.

The result comes as the company weighs up several takeover bids from private equity firm BGH and another funds group, Pacific Equity Partners.

The PEP deal values the company at $761.2 million, not including debt.

Overall the company posted a net loss of $28.2 million compared with a $355 million loss in the prior corresponding period after pre-tax impairments of $39.7 million and a 7.3 per cent drop in revenue to $491.2 million.

The plan for the new, reimagined Sea World on the Gold Coast. Photo: Village Roadshow Theme Parks.

MOVIE WORLD REVEALS FASTEST 'HYPERCOASTER' IN HEMISPHERE

The numbers look much better for the Gold Coast themeparks where pretax earnings rose 7 per cent to $39 million and attendance lifted 12 per cent to 2.58 million.

Village said the earnings growth was driven the higher visitation and a 6 per cent increase in ticket yields.

It also set its Fright Nights events at Movie World drove new records for ticket sales and spending within the park.

Sea World attendance was also 7 per cent higher and average daily room rates at the resort up by 3 per cent to $227.

Fright Nights at Movie World have proved highly popular with punters. Picture: NIGEL HALLETT

VILLAGE ROADSHOW TO REVEAL $50M NEW GOLD COAST THRILLS

Intraday trading saw Village shares down by 3 per cent to $3.83.

It wasn’t all good news for the company’s Gold Coast assets.

Attendance at Top Golf fell from 247,000 to 201,000 for the six-month period while earnings dropped $200,000 to $2.4 million.

The company is banking on its new Vortex ride at Sea World, due to open in time for the Easter school holidays, to provide a further attendance boost.