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GuocoLeisure first-quarter profit climbs 44%

Tuesday 18th October 2011

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GuocoLeisure, the company once known as Brierley Investments, posted a 44 percent jump in first-quarter profit as higher oil and gas prices boosted its Bass Strait royalties and gained a one-time payment after a dispute was settled.

Net profit rose to US$24.1 million, or 1.8 cents a share, from US$16.7 million, or 1.3 cents a year earlier, the Singapore-based company said in a statement today.

Sales fell 5.3% to $96.8 million. Revenue dipped because of weaker sales from its gaming assets, after a record year-earlier period, while hotel sales climbed 8.9%, the company said.

Income from the Bass Strait oil and gas royalty jumped 73 percent to US$19.4 million, mainly reflecting higher average crude oil and gas prices.

The settlement of a royalty dispute saw a one-time distribution that pushed up ‘other operating income’ by 453 percent to US$10.5 million.

The company also detailed its ‘comprehensive income’, which includes the impact of converting its income into U.S. dollars, the currency it reports in.

A net foreign exchange translation loss of US$32.9 million resulted in a comprehensive loss of US$8.8 million in the three months ended Sept. 30.

GuocoLeisure’s shares last traded at 60 cents on the NZX and have declined 22 percent this year.

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