Echo soars on upbeat earnings guidance
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Shares in Echo Entertainment Group (EGP) have soared after the group said it expects full-year earnings to be higher than analysts predict, but warns actual numbers will depend on the win rate and turnover in its VIP Rebate business for the rest of the financial year.
At the 10.15am (AEST) official market open, Echo shares were 8.66% higher at $3.01, against a benchmark index fall of 0.35%.
The casino operator said it expects to report normalised earnings before interest, tax, depreciation and amortisation in the range of $430 million to $435m in fiscal 2014, noting this is above Bloomberg consensus of $411m.
Echo expects normalised net profit after tax in the range of $150m to $153m in fiscal 2014.
Second-half earnings have been supported by a cost optimisation program and improved profit focus, Echo said.
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