Canbet Results Bring Down Sky City
Although New Zealand’s Sky City Entertainment Group Ltd (SKC.NZ) finished the interim with a seven percent increase in net profit ($NZ55.1 million) and a six percent increase in revenue ($NZ297 million), the results were still lower than expected and company shares fell 18c as a result, closing at $3.82. Canbet, the Internet betting operation in which Sky City holds a 32 percent stake, suffered a $NZ4.1 million loss as its revenue plummeted 57 percent to $NZ2.3 million. Still, Sky City paid a higher dividend this interim, raising it from NZ10.5 last year to NZ11c.
Ladbrokes Rescues Hilton
A 43 percent increase in profits at Ladbrokes for 2003 has helped Hilton Group Plc (HG.L) offset a 31 percent loss in its hotel division. Overall the Hilton Group reported a .4 percent increase in profits on turnover that is up 63 percent to £8.93 billion. Most of that turnover is attributable to Ladbrokes’ fixed odds terminals, which are responsible for £3 billion in turnover. Betting profit on all of Ladbrokes’ operations is up 43.4 percent to £24.1 million, and the online division experienced a 26 percent rise in profit for the year.
Reports Released
The Rank Group Plc’s (RNK.L) pre-tax profit for 2003 is only down 3.8 percent, thanks to the company’s gaming division. Although the annual report shows that the Hard Rock division’s operating profit fell 16.4 percent to £23.1 million due to a weak dollar and dwindling toursim, the gaming division experienced a 12 percent increase to £117.2 million. Internet betting arm Blue Square, which increased its turnover from £248.1 million last year to £389.9 million this year, raked in a £1.9 million profit. Rank’s casino’s recorded a profit of £32 million this year, while they recorded £29.9 million last year.
Rank Group Plc - Year-end Report
Scientific Games Corp. (SGMS) reported revenue of $176.8 million for the fourth quarter of 2003, up from last year’s fourth quarter mark of $118.9 million. The company’s income for the fourth quarter before the non-cash preferred stock dividend was $15 million, compared to last year’s $40.4 million. Revenue for the entire year 2003 increased 23 percent to $560.9 million, and income before the dividend was $52.1 million, compared to last year’s $39.7 million.
Scientific Games Corp. - Year-end Report
Gaming technology company eBet Limited (ASX.EBT), recently reported its financial results for the half-year ended December 31st, showing a profit of $A4,834, compared to $A2,063 over the same period last year. The company also took in sales revenue of $8,121 on the interim, up from last year’s $2,654.
eBet Limited - Interim Report
Software developer CryptoLogic Inc (CRY.TO) released its fourth quarter and year-end results for 2003 this week, showing fourth quarter revenue that has risen 53 percent and earnings that have risen 38 percent. Revenue for the year rose 28 percent to $44.2 million on the year, and licensees’ revenue from international markets for the year exceeded 55 percent, up 40 percent from the previous year. Cryptologic’s Board of Directors declared a quarterly dividend of $.03 per common share, which will be paid to shareholders on March 15th.
CryptoLogic Inc - Year-end Report
Irish betting company Paddy Power Plc’s (PAP.I) financial results for 2003 report a 15 percent increase in profit to € 20.4 million. This comes despite the fact that the group was forced to issue a profit loss warning in April after suffering huge losses because of unfavourable results at the Cheltenham Festival and the Grand National. By the end of December the group had experienced a 36 percent rise in turnover to € 913.6 million. Paddy Power’s online division, with over 60 percent of its customers in the UK, took a maiden operating profit of €1.4 million.
Paddy Power Plc - Year-end Report