Gaming and entertainment business Crown Ltd
(ASX:CWN) has posted a profit for the first half after a loss the year before following solid growth in its Australian casinos. Net profit after tax for the six months to December 31, 2009 came to $115.3 million compared to a loss of $409.7 million recorded in the same period a year ago. The company’s normalised net profit rose 3% to $145.6 million compared to $137.8 million. CEO Rowan Craigie says overall the results for the company’s wholly owned Australian casinos, Crown Melbourne and Burswood, were satisfactory.
However, Mr Craigie says it was a tale of two halves within the half, while the company started the half strongly its domestic casino operations were adversely impacted later in the half due to a softening of consumer confidence and a greater than expected impact of refurbishment works at the two properties. Crown declared an interim dividend of 18 cents a share. In August last year the company said its principle efforts over the next 12 months would be to focus on enhancing its Australian operations and to work closely with its joint venture partners to optimise the value of Macau and other overseas investments which Mr Craigie says Crown has made progress on during the six month period. Crown reported a $1.197 billion loss for the 2009 financial year.
