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    SKC   NZSKCE0001S2

SKYCITY ENTERTAINMENT GROUP LIMITED

(SKC)
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SkyCity Entertainment : sees surging 2021 adjusted profit on strong NZ gaming business

06/10/2021 | 06:02pm EDT

June 11 (Reuters) - Casino company SkyCity Entertainment Group said on Friday it was expecting a jump of up to 33% in its fiscal 2021 adjusted profit, riding on strong trading at its electronic gaming businesses in New Zealand.

The Pacific island nation has been largely successful in containing the spread of COVID-19 and has rolled out a speedy vaccination drive, allowing businesses to restart operations at a faster pace.

SkyCity is forecasting a normalized net profit after tax between NZ$84 million ($60.43 million) and NZ$88 million for 2021, compared with NZ$66.3 million a year earlier, the company said in a statement.

The company's local gaming businesses in New Zealand continued to perform strongly, while its Australian casino, SkyCity Adelaide, also was consistent in its performance, SkyCity said.

While tourism-related businesses were currently hit by international border closures, the company said it was benefiting from domestic tourism, especially during weekends and holidays.

A stellar run in the company's shares since late February was offset earlier this week after Australia's financial crime regulator launched an investigation into possible breaches of anti-money laundering and counter-terrorism laws at the firm's operation in Adelaide. ($1 = 1.3900 New Zealand dollars) (Reporting by Savyata Mishra in Bengaluru; Editing by Anil D'Silva)


ę Reuters 2021
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Financials
Sales 2021 726 M 511 M 511 M
Net income 2021 96,1 M 67,7 M 67,7 M
Net Debt 2021 540 M 380 M 380 M
P/E ratio 2021 27,3x
Yield 2021 1,41%
Capitalization 2 560 M 1 805 M 1 802 M
EV / Sales 2021 4,27x
EV / Sales 2022 3,59x
Nbr of Employees 3 462
Free-Float 95,0%
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 3,38 NZD
Average target price 3,73 NZD
Spread / Average Target 10,2%
EPS Revisions
Managers and Directors
NameTitle
Michael Ahearne Chief Executive Officer
Julie Amey Chief Financial Officer
Robert James Campbell Chairman
Glen McLatchie Chief Information Officer
Callum Mallett Chief Operating Officer
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