Market Overview

Crown Resorts Posts Drop In Profit


Crown Resorts Ltd. (OTC: CWLDY) reported a drop in its half-year profit.

Crown Resorts' net profit for the six months slipped to 201.8 million Australian dollars (US$157.8 million), compared to A$382.5 million in the year-ago period. Normalized profit rose 2.3% to A$322.4 million.

Reported EBITDA slipped 15.5% to 404.6 million Australian dollars, while normalised EBITDA climbed 14.8% to 450.2 million Australian dollars.

Revenue from Crown's operations climbed 9.1% to A$1.7 billion versus A$1.56 billion.

The Chief Executive Officer of Crown Resorts, Mr Rowen Craigie, said, "The decline in MCE's result was attributable to weak market conditions in Macau which worsened over the six month period with a 30.4% decline in gross gaming revenue across the Macau market in December 2014 compared to December 2013. The deterioration in the Macau market has continued into the second half."


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