Gaming | SkyCity rises most in 15 months on upbeat earnings forecast

SkyCity Entertainment Group Ltd. rose the most in 15 months after the company said first-half earnings surged as much as 30 percent.
Net income jumped to as much as NZ$71 million (USD46 million) in the six months ended Dec. 31, the Auckland-based casino operator said yesterday, citing preliminary figures. The stock advanced 5.9 percent, headed for its best gain since Oct. 20, 2014.
SkyCity said first-half earnings were boosted by growth in turnover in its international business unit, which caters for high-roller gamblers, to more than NZ$7 billion. The company was also able to achieve savings at its Adelaide casino and reduce funding costs, it said.
Normalized profit, which adjusts for volatility in the win rate for the international business and one-time items, jumped as much as 29 percent in the first half, SkyCity said. Normalized earnings before interest, tax, depreciation and amortization gained as much as 17 percent to NZ$180 million. Final first-­half results are due Feb. 11. Bloomberg