Monday, February 11, 2013

Sky City: 2012 Half Year - Analysis

Sky City Entertainment Group Ltd [SKC.NZX].has just reported a profit of $66.3 million for the six months to December 31. 

Net profit fell to $66.3 million, in the six months ended December 31, from $78.8 million, or 13.7 cents a share, a year, including gaming GST, fell 1.4 per cent to $487.3 million.

Profit missed the $75.9 million forecast by First NZ Capital and SkyCity today gave a mixed outlook statement, saying there are "indications of growth returning in New Zealand" while the performance of Adelaide would be "broadly flat" through the remainder of the year and Darwin should show growth as it benefits from investment in Casinos on both sides of the Tasman.

The company said normalised full-year profit is expected to be about $140 million. In October it forecast profit of the $140 millions.
The shares, which are rated 'outperform' based on the consensus of analysts polled by Reuters, last traded at $4 and have gained 6.4 per cent this year.
The company lifted its interim dividend to 10 cents a share from 9 cents a year earlier, saying it reflected its new dividend policy of making an annual payment of not less than 20 cents and not less than 80 per cent of normalised profit and is a welcome addition to most investors portfolios - especially this one.

Normalised profit , which includes the theoretical win rate and excludes certain one-time costs and gains, fell 3.4 per cent to $74.4 million.
Food and beverage sales rose to $24.1 million from $23.1 million, hotels and conventions fell to $30 million from $36.9 million while revenue from the Sky Tower and parking fell to $10.4 million from $11.9 million.
SkyCity Auckland, the company's flagship facilities, recorded a 1.9 per cent decline in total revenue to $263.7 million. Of that, slot machine revenue fell 7.9 per cent to $108.6 million, revenue from local tables gained to $61.8 million from $60.5 million and international tables, normalised, climbed to $28.8 million from 18.6 million.
Gross gaming revenue at Adelaide edged up 0.4 per cent to A$74 million, while food, beverage and other sales slipped 4.5 per cent to $8.5 million, the future of the gaming group rests almost entirely on its refurbishment and major update.
SkyCity Darwin recorded a 12 per cent gain in gross gaming revenue to A$54.9 million, while food, beverage and hotel sales jumped 18 per cent to A$17.2 million, was the other star gaining again with revenue consistently climbing.
SkyCity Hamilton's gross gaming revenue rose 5 per cent to $23.2 million and food and beverage rose 2.3 per cent to $4.5 million. SkyCity Queenstown gross gaming revenue fell 2.9 per cent to $3.4 million while food and beverage sales rose to $600,000 from $500,000.
SkyCity remains willing to invest up to $350m in the New Zealand International Convention Centre, and following the pending release of the Auditor-General's report into the government's initial expressions of interest in the project the company hoped to re-engage with the government, he said.


Shares were down 7c to 3.93 on the news @ 11.42 am.

Sky City Convention Centre @ Share Investor 

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