VILLAGE Roadshow's Gold Coast theme parks have shaken off the financial crisis, making a big splash in the accounts of the entertainment giant.
Sea World, Movie World and Wet 'n' Wild have reported a pre-tax net profit of $20.1 million for the six months to the end of December, up from $15.1 million a year earlier.
The result was built on a 4 per cent lift in revenue to $142.2 million, thanks largely to Village Roadshow's promotional blitz for its Queensland VIP and Endless Summer passes.
The season-pass incentives boosted visitor numbers by 300,000 over the period to 2.2 million.
The growth has continued this year with January attendances reported to have exceeded budget despite poor weather.
The result makes Village Roadshow's theme parks clear winners against arch rival Dreamworld, which last week reported a modest 2.6 per cent lift in visitor numbers and a 4.7 per cent fall in revenue to $54.3 million.
The Coast theme parks helped Village Roadshow's bottom-line profit surge almost 300 per cent to $67.5 million -- a figure boosted $25.6 million from the sale of businesses in Greece and the Czech Republic.
Most of Village Roadshow's divisions lifted earnings over the December half, except for the Gold Class premium cinema chain in the US which extended its operating loss from $3.6 million to $4.3 million.
Village Roadshow described its Gold Coast theme park results as 'exceptional in the absence of new attractions'.
Costs have been contained through a 4.6 per cent reduction in labour hours across the parks.
"Our businesses have proved they are able to operate successfully in difficult economic times," said chairman John Kirby.
But chief executive Graham Burke said the company was not convinced the 'tough times are behind us yet'.
"Capital investment continues to be under close scrutiny as every dollar counts towards seizing opportunities, growing the business and remaining successful in the long term," he said.
Village Roadshow's only addition to its Coast properties this year will be the new Aqua Loop ride at Wet 'n' Wild.
The company's Gold Coast film studios also contributed to the theme parks' result following the filming of blockbuster Dragon's Prow, the third in the Narnia series.
Despite the profit result, Village Roadshow is not paying an interim dividend.
The company said it was preserving cash for possible acquisitions, including more water parks in Australia.
Village Roadshow abandoned plans for a new water park on the Sunshine Coast last year.
VRL Price at posting:
$2.04 Sentiment: Buy Disclosure: Held
