Visitors turned away from Ardent Leisure's theme parks in the back half the year as details of the 2016 Dreamworld tragedy were publicly aired again at coronial inquest hearings.
The global entertainment company's first-half loss blew out by 40 per cent to $21.8 million, with total group revenue down 14.6 per cent to $226.7 million as it struggles to rebuild following the death of four people on the Thunder River Rapids ride on the Gold Coast two years ago.
Ardent's sell-off of its marinas and ten-pin bowling businesses meant $75 million less revenue flowed into the half-year coffers, while another $22.8 million writedown was made against the value of Dreamworld, following a $75 million impairment against the park in FY18.
A further $5.3 million in incident-related costs were booked for the half as well as $2 million in restructuring costs.
The company said while theme park visitor numbers stagnated during the inquest hearings, higher per-person spending was recorded.
Ardent also said it was pleased with performance of its US-based Main Event business, where revenue rose by 14.3 per cent to $US139.1 million, though the like-for-like sales growth of 0.7 per cent was nearly half the rate from a year ago.
The company maintains the new $17 million Sky Voyager flying theatre ride is scheduled to open at Dreamworld before July, having previously flagged a summer 2018 opening, while there are no further major attractions planned at the park despite previous plans to expand.
"We are in the advanced stages of establishing increased funding that the board believes will provide the capital required to execute on the medium term growth strategies of both the Main Event and theme parks businesses," the company said on Friday.
The board has declared there will be no interim dividend, having paid 2.0 cents per share a year ago, in line with its intention to invest in theme parks and Main Event.
Ardent reported a net loss of $90.7 million for FY18, and a $63 million loss in FY17.
The company said it hopes Dreamworld's earnings will break even by the fourth quarter of FY19, and has committed to implementing recommendations arising from the coronial inquest in conjunction with stakeholders.
Shares in the company were trading 4.5 per cent higher at $1.495 at 1240 AEDT on Friday, but were still 47 per cent down from $2.83 before the Dreamworld accident in 2016.
ARDENT LEISURE HY PROFIT SLUMPS
* Net profit down 40pct to $21.8m
* Revenue down 14.6pct to $226.7m
* No interim dividend vs 2.0 cents a year ago
