By Phil Boeyen, ShareChat Business News Editor
Wednesday 13th September 2000
|Text too small?|
The $6.995 million after tax loss includes $11.6 million of non-recurring items and depreciation of $2.11 million.
Non-recurring items included writing off $11.5 million of goodwill relating to purchase of assets by Village Force Hoyts, writing off $3.37 million of its Cinema Plus shareholding, and $1.16 million in amortisation of Planet Hollywood pre-opening expenses. These were balanced against a gain on sale of fixed assets to Village Force Hoyts joint venture of $13.77 million.
Operating earnings were down 21% to $6.65 million. The company says property earnings and other earnings fell, and Planet Hollywood had a $256,000 operating deficit.
Movie exhibition earnings were up by only $262,000 despite better revenue in the company's Rialto, Fiji and Argentina cinema operations, which increased by 7%, 16.% and 87% respectively. Revenue from Village Force Cinemas dropped by less than 1%.
Force says its Recoleta multiplex in Argentina is now the highest grossing multiplex in its Argentina Village Cinemas division, and contributed earnings of $993,000, up from $650,000 last year. But the company says while the improvement is encouraging it is still well short of providing an acceptable return on the $40.1 million equity and advances it has made to that operation.
Force is not paying a final dividend. Last year the final dividend was 3 cents per share.
No comments yet