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Wonderla Holidays' Q2 net dips to Rs 16 lakh

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Wonderla Holidays Q2 net dips to Rs 16 lakh
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Chennai: Amusement park operator Wonderla Holidays Ltd on Tuesday said it recorded Rs 16.02 lakh net profit after tax for the quarter ending September 30.

The company had recorded a net profit of Rs 93.99 lakh during the corresponding quarter of the previous year.

For the six month period ending September 30, 2019, net profit after tax grew to Rs 42.19 crore from Rs 33.91 crore registered same period year ago.

Total revenue from operations for the July-September almost remained flat at Rs 43.92 crore as compared to Rs 43.36 crore registered same period year ago.

For the six month period ending September 30, 2019 total income from operations went upto Rs 165.23 crore from Rs 149.47 crore registered year ago.

Wonderla Holidays Ltd, Joint Managing Director, George Joseph said the slowdown in the economy has impacted the amusement park industry as well.

"..the unprecedented rainfall in Hyderabad, Kerala and Karnataka has severely dented the performance of all parks.

(However) footfall in Kochi increased by 60 per cent over the last year", he said in a statement.

Joseph said despite the challenging business environment, the company was happy with the overall business performance during the quarter, due to the positive trend in Kochi.

"We are confident that the footfill will show an uptrend across all the locations in the ensuing quarters", he said.

He said the Tamil Nadu government had agreed to give exemption to the company from levy of entertainment tax under for a period of five years from November 1, 2019.

The board has given an in-principle approval to evaluate setting up of an amusement park in Odisha, consequent to a offer from the state government there, he said.

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