August 19, 2011

THE absence of a blockbuster movie has left Village Roadshow cinema audiences languishing 9 per cent lower than last year.

But the entertainment company has almost doubled its profit to $185.5 million, with the group's moves to sell its half stake in radio broadcaster Austereo to Southern Cross Media and offload its aquarium and attractions businesses fuelling the surge.

Village delivered flat earnings, suffering from the fall in consumer discretionary spending that has also hit the bottom line of retailers Myers and David Jones.

"Modern times have seen unprecedented commercial turbulence," Village deputy chairman John Kirby said.

Managing director Graham Burke said: "We are now in the business of selling entertainment, and right now people are looking to buy low-cost escapes from their day-to-day worries."

Source:Herald Sun