SkyCity says fiscal H1 profit hurt by strong New Zealand dollar

SkyCity says its interim normalized net profit in the fiscal first half to end-December is likely to be in the range of NZ$65 ($53.6 million) to $68 million, down from $72 million a year ago, hurt by the strength in the New Zealand dollar. The Kiwi currency has risen 18 percent against the Australian dollar over the period. SkyCity says EGM revenues improved in Auckland, which is expected to show “modest” Ebitda growth for the first half.  In Hamilton, the company says the softness experienced in the first quarter has shown some signs of improving, however the 1H14 result will be somewhat softer than 1H13. The company’s Australian operations have been mixed.

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