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Echo Entertainment Group Limited (ASX:EGP) has posted a first half net profit of $46.1 million, down over 30 per cent on the same period a year ago.

 

The substantial decline has been attributed to a one-off expense of $22.2 million from extinguishing out-of-the-money interest rate swap positions and a lower win rate in the VIP business.

 

Revenue in the same period was $868 million, a 4.9 per cent fall on the previous corresponding period.

 

The board declared an interim dividend of 4 cents per share fully franked.

 

In a separate statement, managing director and CEO John Redmond announced he will retire in the second half of the year to return to the US.

 

CFO and executive director Matt Beiker has been named Mr Redmond’s successor.