May 23, 2017 / 6:00 AM / 2 years ago

France's Compagnie des Alpes H1 core profits lifted by theme parks unit

May 23 (Reuters) - French ski resort operator Compagnie des Alpes reported on Tuesday a slight increase in first-half core earnings as strong growth in its theme parks business offset a slight decrease its core ski resorts operations.

Earnings before interests, taxes, depreciation and amortization (EBITDA) were up 1.8 percent over the six months ending in March at 167.9 million euros ($188.6 million).

The company’s fiscal year runs from October to September.

Profitability at ski resorts, which account for 80 percent of first half revenues, dropped by 0.7 percent, it said, partly due to a lack of natural snowfall pushed up snowmaking costs.

First-half EBITDA for its leisure destinations business, which includes Parc Asterix in France and other theme parks, was up 14.4 percent.

Compagnie des Alpes said it expected annual revenue growth at its ski resorts business to exceed 3.5 percent and confirmed EBITDA margin guidance for the business slightly higher than last year’s level.

Turnover at its leisure destinations, which generate 75 percent of their annual revenue in the April-August period, is expected to grow slightly on last year’s figure.

$1 = 0.8902 euros Reporting by Camille Raynaud and Wout Vergauwen; Editing by Edmund Blair

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