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Fourfold Growth in Village Roadshow Profits

August 17, 2010
Village Roadshow has reported an almost fourfold rise in net profit to $117.2 million for the 12 months to June.
Althoughaided helped by $25.6 million profit from the sale of its Greek and Czech Republic operations in the first half of the year, Chief Executive Graham Burke says the theme park, media and entertainment business is in a strong position to take advantage of
Normalised net profit of $65.9 million was up 17.7% on the previous financial year and operating earnings before interest, tax, depreciation and amortisation rose 8% to $254.5 million.
Burke said Village had performed strongly "in challenging times" and added that "economic circumstances are yet to fully improve but we consider we have put ourselves in the right position to be able to capitalise on opportunities as they arise."
Village, which has long been criticised over corporate governance issues, announced last week that it would change its complicated financial structure through a share buyback and the merger of its ordinary and preference shares. Village Executive Chairman Robert Kirby, Deputy Executive Chairman John Kirby and Burke own 68% of the company.
Village have conducted a series of controversial buybacks over the years but, in a statement, claims this proposal is in the interests of all shareholders, "given the issues associated with the current capital structure of ordinary shares and preference shares."
Village Roadshow Theme Parks are understood to have presented an initial planning application to Gold Coast City Council for a motor-sport-themed extension to Warner Bros. Movie World, featuring five themed restaurants; a games arcade; plus dragster and go-kart themed rides.

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