While there is plenty to be negative of over yesterday's first half year for Sky City Entertainment Group Ltd [SKC.NZX] ,there is positive as well(sometimes you have to ignore the negative because it is just that bad - sense the sarcasm in my turn of phrase...? )
First the negative. Clearly one of the contributors to the 23% profit slide was the luck of the high rollers-the luck went with them this time. That doesn't explain the whole picture though. There was also a 5% drop in revenue from the flagship Auckland Casino and since margins there are the highest of the groups casinos profit got hit.
Another large contributor to the profit drop was the cinema division, a division so devoid of promise and future growth and so demanding on CAPEX and time that it sickens me that management would hold onto it, what do i know though...
What we could say though is that it is only up from here, I cant see things getting worse-famous last words huh?
The positives are quite clear. Revenue is up at all other casinos, even Adelaide, and especially Darwin. Darwin, in my humble opinion, is a future star of Sky City, an area growing rapidly with no sign of any smoking Nazi's getting their way and banning smoking-very important for gamblers.
I would have to give the result a 4 out of ten. VERY disappointing.
Disc: I own SKC shares in the Share Investor Portfolio
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