SKC 3.57% $1.74 skycity entertainment group limited (ns) ordinary shares

News: SKC UPDATE 1-Sky City full-year profit rises, boosted by New Zealand casinos

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    WELLINGTON, Aug 10 (Reuters) - New Zealand casino operator Sky City Entertainment Group's (SKC) profits rose 13 percent in the 2016 financial year, the company said on Wednesday, boosted by strong tourism New Zealand.

    The company said its its full-year net profit after tax for the year ended June rose 13.1 percent to NZ$145.7 million ($104.28 million). Revenues rose 9.0 percent to NZ$999.6 million.

    The results were driven by the company's Auckland complex, which had revenue growth of 6.9 percent as the company's gaming machine revenues grew and its hotels gained from strong tourism.

    The company's business in the mountain resort town of Queenstown had record results, with revenue rising 10.9 percent.

    "Queenstown remains an iconic location with strong tourism growth expected," the company said in its results announcement.

    Sky City's Australian sites struggled, with Sky City Darwin's revenue down 5.3 percent to A$116.2 million ($89.07 million)due to weaker hotel demand and increased compeition in gaming from local pubs.

    Sky City's full-year dividend was up NZ$0.01 per share to NZ$0.21 per share and the company said its medium-term outlook was positive. ($1 = 1.3972 New Zealand dollars) ($1 = 1.3046 Australian dollars)

 
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