Crown hit by Echo sale

Casino operator Crown has seen its earnings fall after booking a loss on the sale of its Echo stake

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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