Profits down for Oz’s Amalgamated

High interest charges have again eroded the profitability of Australia’s Amalgamated Holdings, which owns major exhib/distrib the Greater Union Group.

Net profit for the year ending June 30 fell almost $ A3 million ($ 2.2 million) to $ 2.54 million.

Group saw revenue rise slightly to $ 160.4 million. However, interest charges of about $ 10.2 million affected the net result. Amalgamated said “difficult trading conditions” had affected its operations, although profits in most areas were in line with last year’s results.

It also said its film interests have enjoyed a “good start” in the current financial year thanks to a strong product lineup.

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