Indian amusement park operator Wonderla Holidays has reported nearly 16 percent increase in net profits.
Wonderla is the brand name of Wonderla Holidays Limited. The company operates three large amusement parks in Kochi, Bengaluru (Bangalore) and Hyderabad. It also owns the Wonderla resort in Bengaluru. This was built in 2012 and was the first amusement park in India to have a resort built right inside it.
Profits in the first quarter increased by 15.6 percent at Rs 25.96 crore compared with Rs 22.45 crore in the same period of the last fiscal.
Revenue for the first quarter stands at Rs 105.43 crore, which represents an increase of 17 percent compared with the same period last year of Rs 90.43 crore.
Park revenues from Bengaluru, Kochi and Hyderabad stood at Rs 102.21 crore for the quarter, representing an increase of 18 percent over the last fiscal (Rs 86.89 crore). Footfall in Kochi grew six percent. However Bengaluru and Hyderabad had marginal drops of four and five percent.
“While our footfalls remained almost flat, we have been able to grow our average ticket revenue by 16 percent,” says Arun K Chittilappilly, Managing Director of Wonderla Holidays. “Despite a very high tax rate of 28 percent being imposed on amusement parks in the Goods and Services Tax regime (GST), we continue to be optimistic about our prospects for growth.”
Wonderla Holidays recently completed the acquisition of 57 acres of property near Chennai. The site is at Thiruporur, on the Old Mahabalipuram Road (OMR), otherwise known as the IT Corridor. It’s 45 kilometres from Chennai. Work on the new project is scheduled to start in late 2017.