VILLAGE Roadshow Limited (ASX: VRL) profits have sharply dropped, affected by a market still reeling from the Dreamworld tragedy which occurred in October last year.
The company posted a net profit of $23.6 million which was less than half its $50.9 million result in FY16 and EBITDA also fell to $136.3 million, down from a previous $168.8 million.
The Dreamworld disaster took a heavy toll on all Gold Coast theme parks as earnings across the board fell dramatically.
Co-chief executive of Village Roadshow Graham Burke says the company, which operates parks including Warner Bros. Movie World and Wet N Wild, performed as well as it could in the face of "headwinds that could never have been contemplated".
"Stealing from the words of Queen Elizabeth, this truly has been our 'annus horribilis'," he says.
"The good news however is that it doesn't reflect any underlying issue with our primary business, and there is no doubt with the energy and planning in place that we will turn it around."
Village Roadshow has announced its plans to overcome FY17 setbacks which include the installation of the longest, highest and fastest rollercoaster in the southern hemisphere, a new polar bear, a new seal show and an interactive splash zone.
The company has decided not to reveal a full-year dividend.
At the time of writing (2:25pm AEST) shares were down 2.33 per cent trading at $3.77.
Business News Australia
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