Village roadshow announced loss for the year ended 30 June 2018 as net profit after tax decreased to $7.3 million during FY18, compared to $23.6 million of profit in fiscal 2017.
Entertainment and media giant’s earnings before interest tax, depreciation and amortization lowered to $90.9 million from $136.3 million, a year ago. This decline in earnings is mainly attributable to revenue impacted by Dreamworld’s tragedy, low attendance in Gold Coast Theme Park, and slow performance of Cinema Exhibition in first quarter of financial year 2018.
With the strategy of injecting shareholder returns back in the business, the board has not declared any dividend for FY18. The group is expecting to gain further momentum in FY19 driven by Topgolf, launched in June 2018.
Following posting loss for FY18, VRL share price dropped 0.439% to $2.270 on Thursday 23 August 2018.
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