SkyCity Entertainment NPAT falls 69.2% to $44.9b

Company News

by Jessica Amir

SkyCity Entertainment Group (ASX:SKC) has announced its reported net profit after tax (NPAT) fell 69.2 per cent in the 2017 financial year to $44.9 million, down from the prior corresponding period.

It comes as the gaming and entertainment business with monopoly casinos in New Zealand saw weaker trading conditions in the Australian market, with a drop in visitation in Adelaide and increased competition in Darwin.

The business saw a 7.2 per cent drop in reported revenue to $1.02 billion in the 2017 financial year.

SkyCity Entertainment’s EBITDA fell 8.1 per cent in FY17 to $307 million.

The company also declared a final dividend of 10 cents per share, 5 cents less than the 2016 financial year.

Shares in SkyCity Entertainment Group (ASX:SKC) are trading 3.69 per cent lower to $3.65.

 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.