Village's net profit fell 95.1 per cent to $12.6 million in the year to June 30, despite income from continuing operations jumping by 7.8 per cent to $1.4 billion.
Shareholders will pocket a final fully franked dividend of 6 cents per ordinary share and 9 cents per preference share.
Normalised net operating profit tax rose 12.8 per cent to $58.5 million in 2008/09, and operating earnings before interest, tax, depreciation and amortisation (EBITDA) improved 4.2 per cent to $247.4 million.
Village noted that its 2007/08 net profit was impacted by $181.6 million in proceeds from the partial divestment of its film production and music division.
In 2008/09, non-recurring items sent the bottom line down.
These included $59.2 million in impairment charges relating to recent acquisitions and $20.5 million in unrealised losses on interest rate and foreign currency derivatives.
"These derivatives are commercially effective but are mostly deemed ineffective for accounting purposes,'' Village said.
"Village believes its hedging policy remains appropriate for the business.''
Chairman John Kirby said Villages' businesses continue to perform despite the unpredictable economic times.
"Our management team remain focused on free cash flow generation and managing margins to drive strong returns,'' he said.
Chief executive Graham Burke said the group had taken "rigorous measures'' to reduce costs and achieve margin gains.
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