Crown hit by Echo sale

Crown Ltd said weak consumer sentiment had hurt its Melbourne casino revenues and it would pursue "cost control" in the current year, after its full-year profit fell by more than 20 per cent. 

Net profit fell 22.9 per cent to $395.7 million for the year to June, largely on a $69.6 million loss taken on the gaming giants exit from rival Echo Entertainment's share registry. 

An 11.9 per cent decline in EBIT also dragged Crown's result lower, as did a $25.6 million loss on its share of Melco Crown Entertainment’s refinancing and development costs. 

Revenues increased 3.1 per cent in the period to $2.89 billion. 

Crown will pay a partially-franked dividend of 19 cents, on par with last year.