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SkyCity profit falls on Darwin write-down

Simone Ziaziaris  |  09 Aug 2017Text size  Decrease  Increase  |  

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SYDNEY - [AAP] SkyCity Entertainment (ASX: SKC) has posted a 69 per cent fall in full-year profit after writing down the value of its Darwin casino.

The casino operator on Wednesday said its reported net profit for 2016/17 was down to $NZ44.9 million ($A41.6 million) due to the $95 million write-off following an annual impairment review.

It reported revenue, including gaming GST from ordinary activities also fell 7.2 per cent to $NZD1.02 billion ($950 million).

However, the company said its normalised net profit was up 1.3 per cent at $NZ154.6 million thanks to modest growth in revenue and earnings from its New Zealand casinos.

SkyCity chief executive Graeme Stephens said while the company's New Zealand properties delivered growth, it was partly offset by weak trading conditions in Australia and negative regulatory change in Darwin.

SkyCity declared a final dividend of 10 NZ cents per share, 0.5 NZ cents less than last year.

DARWIN WRITEDOWN CLOUDS SKYCITY RESULTS

* Reported net profit after tax down 69.2pct to $NZ44.9 million ($A41.6 million)

* Reported revenue down 7.2 per cent to $NZ1.02 billion ($950m)

* Final dividend 10 NZ cents per share, unfranked

 

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