Wonderla Q1 net profit jumps 16%

Amusement park operator Wonderla Holidays on Wednesday reported 15.6% increase in net profit at Rs 25.96 crore compared with Rs 22.45 crore in the first quarter of the last fiscal.

The company’s revenues for the first quarter were Rs 105.43 crore, an increase of 17% over the corresponding period of the last financial year at Rs 90.43 crore.

Park revenues from Bengaluru, Kochi and Hyderabad for this quarter stood at Rs 102.21 crore, an increase of 18% over the corresponding period of the last fiscal (Rs 86.89 crore). Footfalls in Kochi grew 6%, while Bengaluru and Hyderabad had marginal drops of 4% and 5%, respectively, the company said in a statement on Wednesday.

Wonderla Holidays Managing Director Arun K Chittilappilly said, “While our footfalls remained almost flat, we have been able to grow our average ticket revenue by 16%. Despite a very high tax rate of 28% being imposed on Amusement Parks in the Goods and Services Tax regime, we continue to be optimistic about our prospects for growth.”

Wonderla Holidays has completed the acquisition of 57 acres of property in Thiruporur on OMR Road, Chennai. Work on this project is scheduled to begin in the third quarter of 2017-18.