PHOTO: Dream World – www.dreamworld.com.au
The enforced closures of Ardent Leisure’s (ASX: ALG) theme parks in Australia and cinemas in the US due to COVID-19 restrictions resulted in the company’s loss ballooning to $136.6 million in FY20.
Total reported revenue for the Dreamworld operator decreased by $85 million to $398.3 million in the full year, also due to COVID-19 restrictions on trade.
The results capped off another rough year for Ardent Leisure which was witnessing revenue growth of 5 per cent for the 35 weeks up to the end of February 2020, before the pandemic hit Australia and the US.
However, from March onward, the company only brought in $68.2 million of earnings, compared to $362.3 million generated pre-pandemic.
Ardent Leisure also suffered from an impairment charge of $15.4 million on property, plant and equipment in its theme parks division, and a charge of $2 million relating to the its Main Event cinema business.
The company’s chairman Dr Gary Weiss did not play down the disappointing FY20 results.
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