SkyCity predicts 32.7% profit rise in FY21 results

| By Marese O'Hagan
New Zealand casino operator SkyCity Entertainment Group has announced that it expects profit for its financial year ended 30 June, 2021.

The upcoming FY21 results are set to be released on 25 August 2021.

The company said it expects a normalised earnings before interest, tax, depreciation and amortisation to come between $247m and $253m while net profit after tax will fall between $84m and $88m.

In comparison to its FY20 results, this represents a potential rise of 26.0% and 32.7% respectively.

According to a statement, the operator anticipates that it will “comfortably” meet its financial covenants by 30 June 2021.

SkyCity added that its local New Zealand businesses saw strong performances, while SkyCity Adelaide in particular was performing well following its expansion in December 2020.

This followed a period of closure for its Adelaide venue, from November 2020, following a reorganisation of its executive team.

In addition, the company added to an announcement made on 8 June 2021, which confirmed the appointments of Silvana Schenone, Julian Cook and Chad Barton as SkyCity non-executive directors.

The updated announcement outlines Schenone, Cook and Barton’s additional appointments as independent directors as required by NZX listing rules 2.6.1 and 2.6.2.

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