Wonderla completes 62 acre land acquisition for Chennai project

Posts 122 pc growth in profit to Rs14.51 cr for Q3

BANGALORE: The leading amusement park operator Wonderla Holidays has finally sorted out the land issue in Chennai and acquired 62 acre in Kelambakkam, south east of Chennai, to build its fourth project after Kochi, Bangalore and Hyderabad.

George Joseph, joint managing director of Wonderla said, “We are awaiting necessary approvals from the Government of Tamilnadu. The project work will commence immediately after we receive the approvals.”

Wonderla Holidays has reported 122 per cent growth in net profit at Rs14.51 crore for the third quarter ending December 31, 2018 compared with Rs6.54 crore the company reported for the same period last year.

Net revenue for the third quarter ended on December 31, 2018 stood at Rs78.63 crore against Rs65.37 crore achieved by the company during the corresponding period last year, thereby registering an increase of 20 per cent.

The net revenue has increased by 81.34 per cent compared with Rs43.36 crore achieved during second quarter of the current year. “The third quarter witnessed strong revival of Kochi park in both footfall and revenue from the second quarter level, which was affected by unprecedented rains and flood in Kerala,” a company statement noted.

The net revenue for 9 months ended December 31, 2018 stood at Rs228.11 crore against Rs221.96 crore registered during the corresponding period last year thereby achieving a growth of 3 per cent.

During the third quarter, footfall grew by 23 per cent in Bangalore and 12 per cent in Hyderabad though Kochi witnessed a reduction of 1 per cent in footfall due to the lag effect of the flood during October. However, Kochi recorded a highly positive trend in footfall and revenue during November and December of the quarter under review.

The land acquisition for the company’s Chennai theme park had hit a roadblock in 2017 after a Madras High Court ban on using agricultural land for non-agricultural purposes. Though the company hoped the issue would be sorted out and land acquisition could be completed by June 2017 itself, it didn’t work that way.

“The land acquisition for Chennai was put on hold because of a High Court order. We are looking for dry land in the same region and hope to finish the land acquisition by June (2017),” Arun K. Chittilappilly, managing director of Wonderla Holidays had said then.

 

 

 

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