Ardent $88.6m loss
DREAMWORLD parent Ardent Leisure today announced a net loss of $88.6m in 2017/18 as its theme parks continue to suffer in the wake of the Thunder River Rapids tragedy of 2016.
The after-tax loss was $26 million more than last year when the company posted losses of $62.6 million.
Ardent’s revenue of $555.1 million was down by $29.8 million on the previous year, while earnings (EBITDA) were down from $1.2 million last year to a negative result of -$50.4 million in 2017/18.
The Theme Parks division reported a loss of $86.3 million, which Ardent attributed to a slow recovery from the fatal accident of Oct 2016 and discounted ticket prices after the incident.
Dreamworld has undergone a management restructure and last month announced write-downs of $86 million ( TD 31 Jul).