🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

UPDATE 1-Australia's Crown Resorts H1 net profit rises on strong turnover at home

Published 22/02/2018, 10:36 am
© Reuters.  UPDATE 1-Australia's Crown Resorts H1 net profit rises on strong turnover at home
AXJO
-
CWN
-

(Adds details on Melbourne earnings, debt position, share movement)

Feb 22 (Reuters) - Australia's Crown Resorts CWN.AX on Thursday reported a marginal rise in first-half profit as a better performance at its Melbourne casino slightly outweighed declines elsewhere.

Normalised net profit before one-off items was A$192.4 million ($150.05 million) for the six months to Dec. 31, the company said in a statement, compared with A$191.3 million last year. This beat expectations of A$178 million according to Thomson Reuters I/B/E/S.

Total turnover from high-end tourists on casino package holidays to Australia rose 16 percent to A$22.6 billion.

Crown, which withdrew from its offshore businesses to focus on Australia following the arrest of staff in China for illegally marketing casino tours, said a rise of 7.2 percent in normalised underlying earnings in Crown Melbourne aided strong performance in the home region. company has undertaken many divestments over the past year to cut debt, and reported net debt of just A$249 million at the end of December, compared with A$1.77 billion a year ago. shares climbed as much as 4.4 percent in early trade, compared with a 0.2 percent rise in the benchmark Australian equity index .AXJO ($1 = 1.2822 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.