New Zealand entertainment and gaming sector major SkyCity Entertainment Group reported a net loss of NZ$33.6 million ($21 million), primely catalyzed by a dip in net revenues, marginally inflated cost, and taxation component, the company’s regulatory filing to the Australian Stock Exchange read.
The company reported a net profit of NZ$155.8 million ($97 million) in FY22.
Properties of the company in Auckland, Hamilton, Queenstown, and Adelaide (Australia) remained closed for quite a long period in the first half of fiscal 2022.
Auckland property remained closed for 107 days, Hamilton property for 65 days, Queenstown property for 22 days.
Net revenue of the company for the period dipped 33 percent on a YoY basis to NZ$639 million ($397 million) from NZ$952 million ($592 million)
Auckland property contributed 52 percent to the topline dipped 32 percent at NZ$331 million ($206 million), whereas Adilade property contributed 31 percent as topline dipped 7 percent on a YoY basis at AZ$197 million ($123 million).
Whereas the landscape in Oceania region migrated reasonably from on-site to online as a result online segment which merely contributed 3 percent to the revenue pie grew 21 percent at AZ$17 million ($11 million) from AZ$14 million ($9 million).
The company aims to have a progressive online strategy and the New Zealand casino continuing to exceed expectations and strategic partnership with Gaming Innovation Group (GiG) which has been expanded via equity investment, the filing read.
COVID19 restrictions chiefly impacted the revenue, further triggering loos for the 2022 fiscal year.
“Material impact from Covid-19 disruptions, but strong local gaming activity when open and effective cost control – result-in-line with guidance provided during June 2022,” the company presentation read.
Earnings per share trailed in negatives at 4.4 cents loss per share from 20.6 cents earnings per share as reported by the company in the last fiscal year 2021.