Crown hit by Echo sale
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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.
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