SkyCity net profit rises 11.6 pct in FY18H1

New Zealand casino operator SkyCity Entertainment Group reported an 11.6 percent rise in net profit for the half year ended December 31, 2017, aided by modest growth in its NZ properties and growth in international business.

Such net profit reached NZ$93.5 million (US$67.6 million), while reported revenue amounted to NZ$554.7 million, an increase of 4 percent. EBITDA reached NZ$180.8 million, a positive movement of 4 percent year-on-year.

SkyCity said the key drivers of performance in the period was modest growth in combined NZ properties, growth in international business, stable performance from combined Australian properties, lower net interest expense due to increased capitalized interest on major growth projects, and a stronger Australian dollar to New Zealand dollar.

Looking at the rest of FY18, SkyCity says it remains on track to achieve modest growth in group EBITDA, with key drivers of performance to coming from its NZ properties and improved performance from its Australian properties. Its International Business arm will see ongoing recovery, it added.

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