Sydney's Wet'n'Wild theme park made a profit of almost $6 million in its first few weeks of operation.
More than 160,000 season passes were sold before its opening on December 12, generating $12.5 million in revenue for the park's operator, Village Roadshow.
Attendances have also exceeded the company's expectations, with more than 400,000 passing through the gates of the western Sydney water park up to the end of January.
Village Roadshow's half year accounts show the theme park made pre-tax profit of $5.8 million in the six months to December 31.
But $5.5 million in pre-opening costs, plus another $3 million in spending on a new marketing campaign for Gold Coast's theme parks, contributed to a 46 per cent fall in the company's half year profit.
Village Roadshow made a profit of $18 million in the six months to December 31, down from $33.5 million in the same period a year earlier.
With the benefit of earnings from Wet'n'Wild Sydney in the second half of the financial year, the company expects its full year profit to be slightly higher than the previous year's $50.9 million.
Co-chief executive Robert Kirby said the early success of Wet'n'Wild also gave Village Roadshow more confidence in its plans to build and manage theme parks throughout Asia.
"The opening of Wet'n'Wild Sydney has been a huge success and will pave the way to our future growth prospects in China and South East Asia, demonstrating we have the skills and ability to not only manage, but also build, worldclass theme and water parks," he said in a statement.
Village Roadshow also owns Wet'n'Wild parks on the Gold Coast and in the US, cinemas in Australia, Singapore and the US, and film distribution and production businesses.
Its shares dropped 10 cents to $7.25.