As part of its drive to re-structure its exhibition arm, Village Roadshow has sold its cinema interests in Thailand, Malaysia and India, consisting of some 135 screens across 19 sites.
Village Roadshow has recently been stripping back its under-performing exhibition interests in a bid to restore the company's profitability. The latest sales - which Village says will be completed before the end of this financial year - means that the company now operates cinemas in 12 territories, having successfully exited from eight over the last 15 months.
'We move a step closer to operating only in core territories where we have critical mass,' said managing director Graham Burke.
According to a statement, the proceeds from the sale of Village's interests in Malaysian and Indian circuits are in line with the book value of its investment, but said that the sales of its 50% stake in its Thai circuit 'gives rise to a small loss against the carrying value'.
Village's overhaul of its exhibition interests has been successful - earlier this week the company announced a half-year profit up to December 31, which was up 100% on the previous corresponding period.
'We are now completing the restructure of our exhibition division which will see us operating a more efficient and lean business,' said Graham Burke. 'Our simplified operating and management structure is well in place and will drive the business to new successes. Our goal continues to be the pursuit of strong returns on funds employed from each territory we operate in.'
According to a statement accompanying Village's half-year report, the company is in ongoing negotiations on exiting from other non-core territories, with the aim of reducing the number to between eight and ten.