Net profit is almost us$ 29 million
SkyCity entertainment group battles profit drop
(New Zealand).- The owner of New Zealand's casino operator SkyCity Entertainment Group, has reported a fall in annual profit of almost 50 per cent. The first-half net profit to June 30 was us$ 35.3 million.
2008-08-28
Reading time 25 seg
The first-half net profit to June 30 was us$ 35.3 million, almost half of what it posted last year at us$ 69.7 million, which, according to a Reuters analyst, was in line with the company's forecast of us$ 35 million.
Net profit is almost us$ 29 million, dragged down by a multi-million-dollar write down of its cinema business. SkyCity says revenue at its Adelaide Casino was down by about 4.5 per cent, or us$ 3.9 million.
The company says smoking bans introduced late last year had a lesser effect on the casino than anticipated. SkyCity has decided to dump plans for a new car park in Adelaide.
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