Strong Q1 as SkyCity targets $127.4 mill profit for 2011

SkyCity Entertainment Group is targeting profit of at least $127.4 million in the 2011 financial year as earnings got off to a solid start in the first quarter.  

The Auckland-based company’s normalised net profit rose 3.7% in the three months ended Sept 30 compared to the same period a year ago, though it didn’t state what the actual earnings result was.

Gaming machines and non-gaming revenue rose in the period, it said.  

“Analyst consensus normalised NPAT for FY11 is $127.4 million and we would be disappointed if we didn’t achieve this,” chief executive Nigel Morrison said.

Though personal tax cuts are expected to bolster revenue, households repaying debt “makes it difficult to predict the full year outcome at this time,” he said.  

Earlier this month the casino operator said it’s looking to raise up to $50 million through a capital note sale as it divests some of its treasury stock, and Morrison said the company has a “series of significant strategic investments” to help lift value for shareholders.  

The shares gained 2.1% to $2.96 in trading today, and have dropped 12% this year.  

Businesswire.co.nz

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