Business

Boom! SkyCity results will be announced for 2020. Photo / Michael Craig

SkyCity Entertainment Group has announced that it plans to increase its operating profit and net profit after recent stronger-than-expected trading, to the point that its result could be 33% higher than last year.

The company, listed on both NZX and ASX, achieved normalized EBITDA of $ 200.7 million last year, but says today it expects it to reach $ 247 million to $ 253 million. dollars, up 26% if it reaches the top of that range.

Last year’s normalized after-tax net profit was $ 66.3 million, but he expects it to reach $ 84 million to $ 88 million this year, a potential increase of 33 percent from the previous year. result of June 30, 2020.

The company reported strong performance from its local New Zealand gaming business, particularly electronic gaming machines, and consistent performance from SkyCity Adelaide after the expansion opened in December.

SkyCity Malta offshore online casino was also cited for the improvements.

SkyCity’s tourism-related businesses in New Zealand and South Australia continue to be affected by ongoing international border closures, with the exception of the Trans-Tasman border which reopened on April 19, 2021, but enjoy positive domestic tourism, especially on weekends and holidays. peaks, ”the company said.

Subject to no property closures prior to June 30, 2021, SkyCity expects a Group Normalized EBITDA for FY21 between $ 247 and $ 253 million and a Group Normalized NPAT for FY21 between $ 84 and $ 88 million.

“Due to the continued uncertainty arising from the timing of the reinstatement of the New Zealand International Convention Center / Horizon Hotel and the potential for further accounting adjustments required as part of the FY 21 results, SkyCity is unable to provide guidance for the (statutory) results reported for the time being, ”It said.

Based on its profit forecast for fiscal year 21, SkyCity expects to comfortably meet its financial commitments for the test period of June 30, 2021 and to pay a final dividend in September 2021, in accordance with the revised dividend policy. announced at the time of its 1H21 result.

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Source: www.nzherald.co.nz
This notice was published: 2021-06-10 20:39:22

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