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Australia's Echo says full-year net profit at A$42.2 mln
August 15, 2012 / 12:00 AM / 5 years ago

Australia's Echo says full-year net profit at A$42.2 mln

MELBOURNE, Aug 15 (Reuters) - Echo Entertainment Group , the Australian casino company fending off the advances of its larger rival Crown, said its year-to-June net profit of A$42.2 million ($44.3 million) was hurt by soft demand and one-time write-offs.

Echo, which owns Sydney’s only casino as well as casinos in Queensland state, said it wrote-off A$74.1 million related to SilkStar pre-opening expenses and cost measures.

Crown and the Malaysian gaming group Genting Group have each amassed a 10 percent stake in Echo, and applied to regulators to increase their stakes further.

Crown, owned by billionaire James Packer, said last week it hopes to use Echo’s exclusive state casino licence in order to go ahead with a planned luxury hotel development in Sydney. ($1 = 0.9529 Australian dollars) (Reporting by Victoria Thieberger; Editing by John Mair)

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