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Sky City on track to grow profit by 10%



Printer Friendly VersionPost a CommentTell a Friend about this Article20 August 2007
As reported by: Nine MSN
Sky City Entertainment Group Ltd has reported an 18 per cent rise in annual profit and flagged the possible sale of its Adelaide casino.

The group, which is listed in Australia and New Zealand, also said profit growth this year would be slower than last year.

Sky City generated a net profit of $NZ98.4 million ($A86.18 million) for 2006/07, up 18.1 per cent.

It said net profit for this financial year would rise by between 10 per and 12 per cent, as it cut costs and focussed on its core gambling business.


But following enquiries from a range of parties, Sky City said it might sell South Australia's only casino and entertainment venue, Sky City Adelaide.

Seven parties were invited to make indicative bids for the asset.

"Based on these indicative values, the board considers it owes shareholders the opportunity to realise this value," Sky City said.


Article By: Nine MSN

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