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Market likes Sky City result

By Phil Boeyen, ShareChat Business News Editor

Wednesday 16th August 2000

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Investors have responded positively to a 32% profit lift from listed casino and hotel operator Sky City.

The company has announced a net tax paid surplus of $60.3 million for the year to the end of June which is a record annual profit.

Sky City has declared a final 32 cent dividend, taking its full year payout to 56 cents per share - up 13 cents on last year.

The company says all its businesses have recorded growth, mostly in the double digits, raising revene overall by 15% to just under $300 million.

It says the annual result has beaten expectations, and the growth should continue.

Sky City says it is a larger company than a year ago having expanded its Auckland business, acquired the Adelaide Casino, bought into listed Aussie internet gambling company Canbet, and is nearing the opening date for its Queenstown operation.

SKC was up in morning trade on Wednesday rising around 8 cents by midday to $7.53.

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