Roadshow's profits rise

Results boosted by Concord merger

By MICHAELA BOLAND

Strong perfs by Village Roadshow's exhibition, distribution and radio divisions plus a one-off windfall delivered a net profit of A$257 million ($223 million) for the financial year ended June 30, up from $39 million for the prior year.

Thursday's results were boosted by $161 million from Village Roadshow Pictures Group's merger with Concord Music to form Village Roadshow Entertainment Group. Financials of this division are no longer consolidated in the Village Roadshow results.

Group chairman John Kirby said Village Roadshow was well placed to expand due to "healthy cash flows and a strong balance sheet. Our theme park operations, exhibition and distribution businesses remain in high demand even in these challenging times," he said.

In the last year Village Roadshow focused on expanding its theme parks, acquiring parks and aquariums in Noosa, Queensland; Auckland, New Zealand; Hawaii; and Phoenix. It also bought WB's share in co-venture sites.

Film distribution division results rose 23.5% above last year to $48 million, due to strong titles and cost management.

Roadshow Films is the largest independent film distributor in Oz, with deals with WB, Village Roadshow Pictures, Australian Broadcasting Corp., BBC and the Weinstein Co. Its top theatrical releases have included "Harry Potter and the Order of the Phoenix" and "Sex and the City."

Read the full article at:
http://www.variety.com/article/VR1117991284.html

Like this article? Variety.com has over 150,000 articles, 40,000 reviews and 10,000 pages of charts. Subscribe today!
http://www.variety.com/emailfriend
or call (866) MY-VARIETY.
Can't commit? Sign up for a free trial!
http://www.variety.com/emailfriend