Village Roadshow Ltd Weak first half results led the stock lower

Weak first half results led the stock lower: Village Roadshow Ltd (ASX: VRL) stock fell over 5.6% on February 17, 2017 (post an initial fall of 13%). This came at the back of weak results from the group. VRL reported an attributable net loss of $6.7 million against $3.5 million of 1H16. Cinema Exhibition segment’s EBITDA fell to $32.4 million during the period as compared to $37.6 million of the prior corresponding period (pcp). The group witnessed a slight loss in market share due to rising competition while Hobart was closed for refurbishment. Moreover, the segments also witnessed higher costs, due to newly opened sites which are building momentum.  Film distribution fell $10.8 million in 1H17 from $14.8 million in 1H16. Overall, the group’s PBT fell to $27.1 million during the period from $28.8 million in the pcp.  Dreamworld world tragedy impact persists as the attendance by the core local Queensland market fell significantly hurting even food and beverage, retail and other in-park revenue. Season Pass sales also declined due to the tragedy while the Wet’n’Wild Las Vegas closed for CY16 season in late September 2016 As a result, VRL expects a weak FY17 EBITDA against the prior corresponding year which is again subject to June 2017 VIP pre-sales performance. 


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