What are EVT doing wrong

I visited my local Rydges and QT on Tuesday, the bars are doing a roaring trade, especially at QT. The occupancy rate at Rydges was oversold with 8 rooms too many sold (I don't know where they put them if they turn up) and the QT was at 92%.

I also asked visited event cinema and they seem to be doing well. I visited Mantra and they seem to be doing very well. Village Roadshow also had a good year.

So what is EVT doing wrong. Net profit was down 22% on virtually flat revenue. Was it just Germany? In this regard an 11% fall in admissions doesn't seem to justify a 50% fall in revenue.

The only explanation that I can see is associated with refurbishments. Expenses seem to have gone up significantly, especially employee expenses.

I'm going to have to go through the report more carefully to see whether I stay an EVT shareholder or not. But with the new hotels opening and the new cinemas it would appear that if EVT can contain costs that it might turn around pretty quickly.