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Sky City half year net profit up 2.1%

Wednesday 16th February 2011

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Casino operator Sky City Entertainment Group says its half year normalised net profit rose 2.1% to $67.4 million, as revenue was steady in Auckland but softer in Darwin after the introduction of smoking bans.

The company said the result excluded the Cinemas operation, which was sold a year ago, and was up 12% on the preceding half year.

Normalised revenue from ordinary activities rose 3.1% on a year earlier to $410.1 million. An interim dividend of 8c per share is to be paid, in line with a year earlier.

Turnover in the International Business division almost doubled to $1.48 billion, with most of the growth into Auckland mainly from China and Thailand.

That growth underpinned the decision to invest in increased capacity and world class facilities for international customers in Auckland, Sky City said.

Second half revenues continued to trend well, and were up more than 9% for the first six weeks of the second half compared to a year earlier.

Despite that, the economic environment in this country remained challenging, particularly in discretionary retail, while the Australian discretionary retail sector was now also reporting more challenging times.

The company said it reconfirmed it would be disappointed if it did not achieve normalised net profit of $127.4 million for the 2011 financial year.



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