Strong Result For Amalgamated

ASX Announcement

20th August 2009

The listed entertainment, hospitality and leisure operator Amalgamated Holdings Limited ("AHL") today announced a normalised profit (being profit before interest, discontinued operations, individually significant items and income tax) of $97.6 million, representing an increase of 26.8% over the prior year.

The nomalised net profit was $71million, an increase of $16.4million over the prior year. Individually significant items in the prior year included the gain on the dispersal of Roadshow Distributors Pty Ltd of $64.4million. As a result of the prior year's individually significant items, the Groups net profit of $69.5million was $30million below the prior year result.

The Chairman of Amalgamated Holdings Mr Alan Rydge announced a final dividend of 21 cents per share bringing the total dividend for the year end 30 June 2009 to 32 cents, the 8th consecutive year of an increase in dividend.

In announcing the strong performance the Managing Director of Amalgamated Holdings Mr David Seargeant said: "Particularly pleasing was the result of our International Cinema business with the German circuit achieving a record profit of AUD$12.1 million up AUD$11.7million on the prior year and our Middle East Circuit similarly recording a record result of AUD$11.1million up AUD$3.4million on the prior year.

With the impact of the global financial crisis having a major impact on the hotel sector, the Group's result from the Rydges Hotels & Resorts business was particularly noteworthy with earnings down only 10% on the prior year. Mr Seargeant added: "With a major campaign of compelling promotional offers to drive market share and a very effective focus on reducing operating costs we produced, given the conditions a great result from our Hotel Business".

Thredbo also produced a solid result with growth in earnings of 7.2% over the prior year despite a relatively late start to the 2008 season.

Further information

ASX Company Security Code: AHD
Telephone: 02 9373 6600
Contact: David Seargeant (AHL Managing Director)
Greg Dean (AHL Company Secretary)


SOURCE: Amalgamated Holdings Limited