SKYCITY Entertainment Group Limited today announced a normalised net profit after tax of NZ$67.4m for the half year ended 31 December 2011 (1H11), up 2.1% over 1H10 and 12.3% over the immediately preceding half year ended 30 June 2010 (2H10), adjusting for discontinued Cinemas – divested in February 2010. Reported net profit after tax was NZ$67.1m after adjusting for non-recurring items and the difference between the actual win rate and theoretical win rate on International business.

According to the company, there are positive signs of momentum from key business segments heading into 2H11 and leading into the Rugby World Cup in 1H12, when more than 85,000 visitors are expected in New Zealand, and there are exciting capital projects in Auckland to be completed for the Rugby World Cup. Strong revenue growth was achieved in International during the half, with turnover increasing by 96% versus 1H10 to almost $1.5billion, the majority of which was into the Auckland property. This underpins SKYCITY’s decision to invest in increased capacity and ‘world class’ quality facilities for its Auckland International customers.

SKYCITY CEO Nigel Morrison described the 1H11 result as “A solid result in the context of continuing challenging economic conditions in New Zealand and a softening retail environment in Australia and one which was largely in line with expectations.” He continued, “Second half revenues across the Group continue to trend well and are up over 9% for the first six weeks of the second half, compared to the same period last year”. (E-02.16.11)

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