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Sky City: More Growth Planned Despite Profit Slump27 August 2002NEW ZEALAND – As reported by the New Zealand Herald: "A fall in Sky City's bottom-line profit failed to deter sharemarket punters yesterday. The casino company's shares hit a record high after it reported strong earnings growth over the past year and promised more to come. "While Sky City Entertainment Group's net $57.2 million (US$27 million) profit for the year to the end of June was down on last year's $68.3 million (US$32.27 million) result, it included a hefty $27.9 million (US$13.18 million) write-off associated with a painful restructuring of 50.2 per cent subsidiary Force Corporation. "Force has said it expects to return to profitability next year. "…Annual revenue from the cornerstone casino operation in Auckland was up $15 million (US$17.08 million), or 10 per cent, to $290 million (US$103 million). "The group's second-biggest earner, its Adelaide casino, increased revenue 14 per cent to $98.3 million (US$46.5 million). "…Sky City has approval to add a new gaming area, which it plans to open at the end of next year once it has built a $60 million (US$28.35 million) convention centre on land across the road from the casino. "The company has a 55 per cent stake in the Sky Riverside Hamilton casino complex, which opens next month. With a Government moratorium on new casinos, Hamilton will be the country's sixth and last…" |