SKYCITY Entertainment Group Limited (ASX:SKC, NZE:SKC) has issued a profit warning for its full 2012 financial year as it struggles against softening trading conditions in South Australia.
The dual listed casino operator has lowered its full year earnings guidance from the high to low $NZ140 millions, about $AUD110 million.
CEO Nigel Morrison says there is no doubt the retail environment in Australia is challenging and particularly so for Adelaide.
Mr Morrison advises revenue growth in its Adelaide property has slowed, the New Zealand to Australian exchange rate has firmed, and as a result second half EBITDA is now expected to fall from the prior half.
Full year results will be released on August 15, 2012.
SKYCITY posted an interim net profit of $60 million in the first half of its 2012 financial year.
