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Sky City Profit Falls After Property Tax Adjustment

Sky City Entertainment Group Ltd., New Zealand’s largest casino operator, said full-year profit fell after a one-time tax adjustment for building depreciation.

Net income fell to NZ$102 million ($72 million) in the year ended June 30, from NZ$115.3 million a year earlier, the Auckland-based company said today in a statement. Excluding the adjustment, profit improved 23 percent including a gain on the sale of the company’s cinema business. The company increased its second-half dividend to 9.25 New Zealand cents a share, from 6.5 cents a year earlier.

Sky City slowed investment and increased promotion of its Australian and New Zealand casinos to maintain sales and restore margins after a recession reduced spending in its home market. Revenue at its largest unit in Auckland fell and the economic environment remains “challenging,” the company said.

“The economic environment in New Zealand and Australia remains uncertain and this will continue to impact on gaming markets and consequently earnings,” Chief Executive Officer Nigel Morrison said in the statement.

Sky City shares were unchanged at NZ$2.99 as of 10:54 a.m. in Wellington trading, down 9.4 percent since the start of the year.

Underlying profit, which adjusts income from international business and for one-time items, rose 12 percent to NZ$129.1 million, which was inside the NZ$126 million to NZ$130 million range the company forecast on June 22.

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