SkyCity lifts annual profit 8 percent
Wed, 15 Aug 2012 11:34a.m.
Casino operator SkyCity Entertainment Group has lifted annual profit by 8 percent, boosted by gaming growth in Auckland and a gain from the Rugby World Cup.
Normalised net profit, which strips out one-time items and adjusts for its theoretical win rate, rose to $141.4 million in the 12 months ended June 30, from $130.9m a year earlier, the company said in a statement. Sales rose 8.4 percent to $950.7m.
Earnings were in line with SkyCity's guidance in May for profit in the "low $140 millions" and just below the market consensus of analysts of $142.6m. Net profit rose about 13 percent to $138.5m.
The company's flagship Auckland casino and hotel complex benefited from "significant growth" in non-gaming revenue due to the RWC, lifting sales by 14 per cent to $527.4m, SkyCity said.
Gaming revenue in Auckland rose 10 percent, which the company attributed to the success of its private gaming rooms.
"The four Horizon private gaming salons and seven suites have proven to be highly popular with international, mostly Asian Chinese customers," the company said.
"We have expanded our sales network in Asia to maintain growth in FY13 and beyond."
The Darwin casino and hotel boosted sales by 3.8 per cent to $A117.9 ($NZ153.57m) and earnings before interest, tax, depreciation and amortisation (ebitda) by 1.2 percent to $A34.7m.
Darwin returned to growth in the second half of 2012 and the outlook for this year is "positive," it said.
In Adelaide, sales rose 2.6 per cent to $A160.8m and ebitda edged up 1.9 percent to $A36.7m.
SkyCity's Hamilton casino lifted sales by 8.8 percent to $52m.
The Christchurch casino continues to face "challenging" trading conditions following the city's 2010 and 2011 earthquakes. Full-year sales fell 9.7 percent to $5.6m and ebitda also fell 9.7 percent to $5.6m, it said.
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