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Burwood Releases SARS-Related Profit Warning5 May 2003AUSTRALIA -- As reported by the West Australian: "Burswood rocked the sharemarket yesterday with the biggest SARS-related profit warning unveiled by a WA company so far, saying its full-year result would be 30 per cent lower than last year. "This puts the gambling and leisure group on track for a $14.4 million (US$9.14 million) net profit for the year to June 30 compared with $20.6 million (US$13 million) last year. "...Managing director John Schaap said while there had been signs of a slowdown during the war, it was the deadly SARS virus that was most to blame. "SARS had dampened the spirits of Singaporean gamblers, its biggest source of foreign business, after killing 25 people there. It had also deterred Burswood's clients in Malaysia, Indonesia and Taiwan from travelling. "...Burswood said yesterday it had made a net profit after tax of about $12.3 million in the seven months to April, which was `lower than expected'. "...Yesterday's announcement did not come as a surprise to investors and analysts, who had speculated for some weeks on the effect of SARS on Burswood's profits. "...Mr Schaap said the choice of many Australians to holiday at home had the potential to offset some of the SARS-related loss of business. `There's no doubt that we continue to see good local gaming, and we are getting some growth in local gaming,' he said..." |