SkyCity shares fall as results show struggle to squeeze growth out of Auckland

Wed, 14 Aug 2013

Aug. 14 (BusinessDesk) – SkyCity Entertainment Group shares fell to a seven-month low after the casino and hotel company posted an 8 percent drop in full-year profit that included weaker earnings from its Auckland business. The shares dropped 3.7 percent to $3.95 after the company reported net profit fell to $127 million in the year ended June 30, from $138.9 million, a year earlier. Profit lagged behind First NZ Capital’s forecast of $129.2 million. In Auckland, the company’s biggest operation, normalised earnings before interest, tax, depr...

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