Empire Industries has reported a near threefold increase in full-year earnings, as the group continues to focus on the burgeoning media-based attractions segment.

In the 12 months to December 31, the diversified Canadian manufacturing company, whose operations span the attractions, steel fabrication and telescope sectors, saw its earnings total $4m, compared to $1.4m in 2015.

“2016 was a transformative year for Empire,” said Guy Nelson, CEO of Empire Industries. “The spin-out of our manufactured products segment into a standalone, publicly traded company has sharply increased Empire’s focus on the media-based attractions segment.

“The fact that we were able to accomplish this with a gain of $3.3 million net of tax meant the transaction had immediate financial value, as well as immediate strategic value.”

Nelson added: “We sharpened our focus further in early 2017, through the re-deployment of our steel fabrication segment assets into the media-based attractions segment and subsequently have been rightsizing our steel fabrication capacity to match our internal requirements.

“We are focused on the growth in this marketplace and on leveraging our unique, globally competitive advantages and unique selling proposition.”