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Source: ONE News -
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Casino operator Skycity is expecting its 2009 net profit will beat market expectations by up to $17 million.
Skycity on Tuesday said profit would be between $113-$116 million as a result of improved revenues and an oversubscription of its capital raising in April.
The company expects its underlying and reported earnings (ebitda) for the 2009 year to be approximately $300 million.
"It has been a very pleasing fourth quarter and second half for Skycity, with our operations both in New Zealand and in Australia performing above expectations," says SkyCity CEO Nigel Morrison.
Skycity raised $185 million via a share placement to institutional investors and also offered a $35 million share purchase plan and $8 million top-up offer.
Before midday, Skycity shares were trading up 1.75% at $2.91.
