Shares in Auckland casino operator SKYCITY Entertainment Group Limited-Ord (ASX: SKC) dropped 3.7 per cent to $3.65 today, after the group posted a full year profit of NZ$44.9 million on revenues of NZ$1,022 million.
The revenue and profit were down 7.2% and 69.2% respectively in a mixed result where respectable performance from its dominant Auckland property, was offset by weak performance from its Darwin and Adelaide operations that suffered profit-crunching write-downs.
The group reported that normalised EBITDA (operating income) was up for the six-month period ending June 30, 2017, compared to the prior six months, while it faced the headwind of a weaker Australian dollar throughout most of the year.
It will pay a final dividend of NZ 10 cents per share, bringing the full year total to NZ 20 cents per share, which represents a payout ratio of around 86% of profits. A dividend reinvestment plan is available at a 2% discount.
Net hedged debt stands at 1.1x normalised EBITDA, with committed debt facilities of NZ$965 million of which NZ$361 million is currently drawn.
