Village Roadshow chief executive Graham Burke.Credit:Peter Rae
Earnings (before interest,tax,depreciation and amortisation) increased 37 per cent from $90.9 million to $124.9 million,with the overall net debt to earnings ratio dropping from 3.73 to 1.76.
Village also revealed on Thursday it had agreed to sell promotions agency Edge Loyalty Systems for $32.3 million to Blackhawk Network.
The results come after John Kirby,the older of two brothers who run the cinema and theme parks business founded by father Roc Kirby,supported by former Rothschild boss David Kingston,last year pushed for a sell-off of the film production business and the removal of Mr Burke from his role.
The feud between Mr Kirby,his older brother and Mr Burke came after a three-year share price slide that cut $500 million off the company's market value. The Kirby family and Mr Burke are major shareholders.
Mr Burke has sinceannounced he will step down at the end of the year and be replaced by executive chairman Robert Kirby's son Clark Kirby. Robert Kirby will also step down from his role with an independent chairman to be put in the role.
Former Foxtel chief executive Peter Tonagh joined the Village board in July as a non-executive director.
"The noise that we had earlier in the year... I've been focused on running the business but the major issues are over. We've been through a rotten couple of years,but the stars are aligning for us,"Mr Burke said.