Crown back in black
February 26, 2010
Crown Limited (CWN) said its profit for the six months to 31 December 2009 had jumped 128.1% to $115.3 million, with revenue remaining steady at $1.19 billion. Last year the group posted a $409.7 million loss on the back of asset write downs, especially in the US market.
However, taking out these non-recurring items, Crown's normalised net profit for the six months rose 3% to $145 million.
CEO Rowen Craigie was subdued in welcoming the results saying they were ‘satisfactory’.
Commenting on its two Australian casinos, Burswood and Crown Melbourne Mr Craigie said it was a tale of two halves.
”While we started the half strongly, our domestic casino operations were adversely impacted later in the half due to a softening of consumer confidence and a greater than expected impact of refurbishment works at the two properties,” Mr Craigie said.
Meanwhile this year, main floor gaming revenue had grown by around 3% on the previous corresponding period, with non-gaming revenue up around 7%.
Solid levels of VIP Commission play were achieved across the two casinos, assisted by Chinese New Year,” Crown said.
Crown also said that it remains committed to the Melco joint venture and had not had any negotiations with any party in relation to this invesment.
”Crown sees long term potential for growth in the Macau market given its exposure to China,” Crown said.
At 1105 AEDT, Crown shares were trading up 19c, to $8.02.
However, taking out these non-recurring items, Crown's normalised net profit for the six months rose 3% to $145 million.
CEO Rowen Craigie was subdued in welcoming the results saying they were ‘satisfactory’.
Commenting on its two Australian casinos, Burswood and Crown Melbourne Mr Craigie said it was a tale of two halves.
”While we started the half strongly, our domestic casino operations were adversely impacted later in the half due to a softening of consumer confidence and a greater than expected impact of refurbishment works at the two properties,” Mr Craigie said.
Meanwhile this year, main floor gaming revenue had grown by around 3% on the previous corresponding period, with non-gaming revenue up around 7%.
Solid levels of VIP Commission play were achieved across the two casinos, assisted by Chinese New Year,” Crown said.
Crown also said that it remains committed to the Melco joint venture and had not had any negotiations with any party in relation to this invesment.
”Crown sees long term potential for growth in the Macau market given its exposure to China,” Crown said.
At 1105 AEDT, Crown shares were trading up 19c, to $8.02.
Leave a Reply