|
Tuesday 18th October 2011 |
Text too small? |
GuocoLeisure, the company once known as Brierley Investments, posted a 44 percent jump in first-quarter profit as higher oil and gas prices boosted its Bass Strait royalties and gained a one-time payment after a dispute was settled.
Net profit rose to US$24.1 million, or 1.8 cents a share, from US$16.7 million, or 1.3 cents a year earlier, the Singapore-based company said in a statement today.
Sales fell 5.3% to $96.8 million. Revenue dipped because of weaker sales from its gaming assets, after a record year-earlier period, while hotel sales climbed 8.9%, the company said.
Income from the Bass Strait oil and gas royalty jumped 73 percent to US$19.4 million, mainly reflecting higher average crude oil and gas prices.
The settlement of a royalty dispute saw a one-time distribution that pushed up ‘other operating income’ by 453 percent to US$10.5 million.
The company also detailed its ‘comprehensive income’, which includes the impact of converting its income into U.S. dollars, the currency it reports in.
A net foreign exchange translation loss of US$32.9 million resulted in a comprehensive loss of US$8.8 million in the three months ended Sept. 30.
GuocoLeisure’s shares last traded at 60 cents on the NZX and have declined 22 percent this year.
BusinessDesk.co.nz
No comments yet
GuocoLeisure FY profit falls 43 percent on smaller Bass Strait royalty, more tax
GuocoLeisure hotel revenue boosted by Olympics, Bass Strait royalty falls
GuocoLeisure's 3Q profit boosted by a tax benefit
GuocoLeisure
GuocoLeisure feels impact of euro-zone debt crisis
