Crown Resorts driven by Macau business

Australian entertainment group Crown Resorts has cited the success of its operations in the Chinese gambling resort of Macau as one of the main reasons behind a significant growth in net profit during the 12 months through to June 30, 2014.

The company reported net profit of AUS$655.8 million (€457.1 million/US$611.3 million), an increase of 65.7% on the AUS$395.8 million achieved in the previous year.

Revenue at Crown Resorts grew to AUS$3.1 billion, a 6.7% rise year-on-year from AUS$2.9 billion.

Elsewhere, earnings before interest, tax, depreciation and significant items jumped by 16.7% from AUS$751.9 million last year to AUS$878.2.

In addition, profit before tax and significant items grew by 35.8% from AUS$393.4 million to AUS$534.3 million, while profit after tax and before significant items increased by 31.7% from AUS$317.5 million to AUS$418.3 million.

Rowen Craigie, chief executive officer of Crown, said: “Overall, the results for the year were satisfactory, with improved trading in the second half in Australia and another strong year in Macau.

“We continue to see weak consumer sentiment that has adversely impacted trading at both Crown Melbourne and Crown Perth and which reflects the fact that their local economies are continuing to experience structural and cyclical challenges.”

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