Event Hospitality and Entertainment has reported a strong set of results for the first half, with strong earnings from its cinema business were bolstered by the performance of its hotels and resorts business, particularly the hotels under its new QT and Atura brands.
The company, which also owns the Rydges brand, was formerly known as Amalgamated Holdings Ltd but changed its name to Event Hospitality and Entertainment Limited in December.
Underlying earnings rose 25.1 per cent to $29 million for the six months, an increase of $5.8 million on the previous period.
Managing director David Sergeant said his company was reaping the rewards of a weaker Australian dollar and more flights between Australia and Asia bringing more Chinese and other Asian tourists.
Event’s Thredbo Alpine Resort in NSW also lifted earnings by 9 per cent, despite a lower than average snowfall last winter.
The company says its full year outlook is strong, though it will be hard to replicate the box office growth seen in the first half that was largely driven by Star Wars.
But Sergeant is optimistic because many studios chose to hold off releasing their films during the Star Wars frenzy, paving the way for a steady flow of good movies in 2016.
A GOOD HALF YEAR FOR EVENT HOSPITALITY AND ENTERTAINMENT
* Net profit up 49.9pct to $76.752m
* Revenue up 15.9pct to $661m
* Interim dividend of 20 cents, up from 16 cents