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  • Echo doubles profit on growth in Sydney

    2019 - 07.17

    The Star lifted revenue 39 per cent compared to a year ago. Photo: Ian Waldie The Star lifted revenue 39 per cent compared to a year ago. Photo: Ian Waldie
    南京夜网

    The Star lifted revenue 39 per cent compared to a year ago. Photo: Ian Waldie

    The Star lifted revenue 39 per cent compared to a year ago. Photo: Ian Waldie

    Gaming group Echo Entertainment has more than doubled its profit, soaring 110.6 per cent in the six months ended December 31 compared to the same time last year.

    Net profit after tax rose from a year ago to $97.1 million, while revenue grew 25.3 per cent to $1.09 billion, the company said in a statement to the ASX on Wednesday.

    Echo chief executive Matt Bekier said the half year finished “well ahead of guidance provided at the AGM”.

    The company forecast a normalised earnings before interest, tax, depreciation and amortisation range of $245 million to $260 million, and delivered a normalised EBITDA $261 million.

    Reported EBITDA was $239.6 million, taking into account the $1 million after-tax gain on the sale of Jupiters Townsville and $9 million outlay in the bidding process for the Queen’s Wharf Brisbane development against Crown Resorts.

    Flagship casino The Star in Sydney was the key driver of the growth in earnings, Mr Bekier said.

    “The $870 million refurbishment of the property that was completed at the end of 2011, now delivering on the board’s and management’s expectations,” he said.

    “The Star is now in line with the target of $340 million normalised EBITDA set at the start of the redevelopment in 2009.”

    The Star reported an actual EBITDA of $160.8 million, up 19.5 per cent on the previous corresponding period.

    Echo Entertainment’s VIP rebate business, tipped for strong growth in the first-half, reported a 96.7 per cent rise gross revenue to $332.2 million, with a turnover (the total amount bet) of more than $23 billion.

    The company will pay a fully-franked interim dividend of 5¢ per share on March 11, up from 4¢ a year ago.

    This story Administrator ready to work first appeared on Nanjing Night Net.

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