Macquarie Leisure Trust, owner of the Dreamworld and WhiteWater World parks on Australia's Gold Coast, has reported a fall in profits of 18.5 per cent to AUD$39.4m (£18.5m, US$34.6m, 23.2m euro) for the year to June 2008.

Although attendance at Dreamworld was up 3.8 per cent, the park recorded flat earnings of AUD$33.6m (£15.8m, US$29.6m, 19.9m euro) and was hit by a AUD$42.7m (£20m, US$37.6m, 25.2m euro) writedown in value due to the higher cost of borrowing.

In it's first full year of operation since opening in December 2006, WhiteWater World saw pre-tax earnings of $7.5m (£3.5m, US$6.6m, 4.4m euro).

Macquarie did see growth in its bowling and health club businesses which helped to boost group revenue.