Shares in Village Roadshow have plunged to a six year low after the beleaguered theme park operator downgraded its earnings forecast as visitors stay away from its drawcard Gold Coast theme parks.
Village Roadshow's already weak visitor numbers were compounded by a wet March and competition from the Gold Coast Commonwealth Games, the company said in a third quarter update.
It warned investors that its full-year net profit will be lower than the downwardly revised figures it gave in January of $12 million to $17 million.
It expects its full year result to be somewhere between break even and a $10 million loss.
Theme parks on the Gold Coast are yet to recover from the impact of the fatal accident at rival Ardent Leisure's Dreamworld in 2016, while Village Roadshow's cinema division has also faced challenges from weak 2018 attendances.
Village Roadshow is banking on a string of last quarter blockbusters to shore up its numbers, including Avengers: Infinity War, Solo: A Star Wars Story and Jurassic World: Fallen Kingdom.
The company's shares dropped 48 cents, or 15.2 per cent, to $2.67, a fall that wiped almost $78 million from its market value.
