NZ's SkyCity hits over 4-yr low on annual profit forecast cuts

Skycity Entertainment

06/06/2024 24:14

** Shares of SkyCity Entertainment Group  SKC.NZ  down as
much as 16.8% to NZ$1.44, their lowest level since March 24,
2020
    ** Company on track for its worst day since Sept. 4, 2023,
if current losses hold
    ** Casino operator trims its net profit after tax forecast
for the year to between NZ$120 mln ($74.32 mln) and NZ$125 mln
from NZ$125 mln and NZ$135 mln projected earlier
    ** SKC says will suspend dividends for the H2 2024 and FY
2025
    ** Adds, cut in annual profit forecast and suspension of
dividends until fiscal 2026 due to tough operating conditions
amid a potential uptick in costs
    ** Stock has fallen 4.95% YTD, as of last close

($1 = 1.6147 New Zealand dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))