WELLINGTON Aug 15 New Zealand gaming company
SkyCity Entertainment Group on Wednesday said its
profits for the year rose almost 13 percent on improving
Sky City, which owns or has interest in four of the
country's six casinos and two in Australia, reported a net
profit of NZ$138.5 million ($111.7 million) in the 12 months to
June 30, up 12.6 percent from NZ$123 million last year.
A Reuters estimate based on three analysts forecast a profit
of NZ$142.2 million.
SkyCity announced a final dividend of 8 cents per share,
unchanged from a year ago.
In May, the company lowered its full-year normalised profit
guidance to the "low NZ$140 millions" from the "high NZ$140
millions" previously given in February.
Shares in SkyCity, a top-10 stock, closed at NZ$3.58 on
Tuesday, having gained nearly 4 percent so far this year
compared to a near 10 percent rise for the benchmark NZX-50
Sky City, which dominates the New Zealand casino industry
because of a ban on new establishments, said revenue at its
flagship Auckland establishment also improved.
It also has casinos in Adelaide and Darwin in Australia,
where it competes with Tabcorp and Crown Ltd.
SkyCity has proposed building a convention centre in
Auckland for around NZ$350 million, but in return wants the
government to extend the life of its operating licence, increase
the permitted number of gambling machines, and change some of
the sector's rules.
(Reporting by Naomi Tajitsu)